Denafrips Venus 15th R2R DAC Review – A Feast for Your Ears

The very first digital-to-analog converters began their journey with a network of resistors, and since then, the world has made them remarkably smaller. We now have various flavors out there, such as oversampling and non-oversampling DACs. Expensive R2R networks have been swapped for smaller, cost-effective chip-based solutions, while some have created their own software-defined DACs by bending FPGAs to their will. I once thought that the latest technology should always reign supreme. By that logic, transistors should annihilate vacuum tubes, op-amps should obliterate transistors, and off-the-shelf D/A chips should push R2R ladder DACs into the annals of history, but that’s not how the HiFi world operates. Audiophiles are a rare breed; we’re wired differently to the universe, tending to live in the past and relish the sounds of earlier tunes.

Fear not, my fellow HiFi musketeers: vacuum tubes, transistors, and R2R DACs will endure as long as passionate souls like us roam the Earth. Technology advances in every domain, and I’m open-minded about the newest GaN FET amplifiers biased in Class-D operation. I’m receptive to overly engineered switching-mode power supplies and countless other innovations, but when it comes to D/A converters, I still feel that older technology resonates more closely with my heart, creating a lucid reality that captures the essence of live events. That’s precisely why well-crafted R2R DACs continue to grace some of the best HiFi systems worldwide.

Turning our gaze to Denafrips, for nearly a decade, they have been relentlessly pushing the boundaries of R2R DACs at affordable prices. With the launch of their entry-level Ares, named after the God of War in Greek mythology, Denafrips declared full-scale war on delta-sigma designs prevalent in most modern audio sources, think smartphones, laptops, TVs, and today’s HiFi gear. Next came the Pontus, a primordial god embodying the sea, conveying a promise of sonic calmness, smoothing out all digital glare.

Then, more than five years ago, the Venus DAC emerged, symbolizing the goddess of love, desire, beauty, prosperity, fertility, and victory. Denafrips once again hinted at what we could expect from this spectacular unit. Venus has always been an essential deity and a proud ancestor of the Roman Empire; even Julius Caesar claimed descent from her! In her honor, Romans celebrated the Veneralia on April 1st. When looking at a map of Denafrips users across the globe, it’s no surprise to see so many are based in…Italy. What a delightful coincidence!

However, the Venus 15^th I’ll be testing today is not the same unit we reviewed five years ago, oh no! It’s a complete redesign, both inside and out. The case has grown considerably larger, its weight has doubled (yes, doubled!), and the power supply section has been beefed up, including enhanced filtering and regulation stages. The clocking system appears to be of much higher accuracy, and we now enjoy two extra digital inputs. Everything feels fresh and new again, and the Venus 15^th undoubtedly deserves a statement review that will delve into all there is to know about this remarkable unit.

Sporting quad mono R2R ladders and a four-way fully discrete output stage, this is a true balanced DAC from input to output, with minimal compromises along the signal path. The price? At the time of writing, it retails for $3.999 in the USA and falls between €3.999 and €4.499 in Europe, depending on the online retailer and whether VAT taxes are included. I have a lot to share about this monster of a DAC, and an interesting comparison awaits, so grab yourself a snack and a drink, and let’s dive into this review!

Unboxing a Beauty & Unleashing a Beast

Setting aside standfloor loudspeakers and oversized amplifiers, the largest box I ever received for a DAC was my very own Rockna Wavedream Reference Signature, which looked more like an extravagant integrated amplifier. So, you can imagine my surprise when the delivery guy called asking for help, stating he couldn’t deliver the package to my front door. Could it be a new integrated amplifier or a pair of monoblock amplifiers gearing up to shake some eardrums? Nope! It was a hefty 19-kilo digital-to-analog converter, completely dwarfing all the other cardboard boxes that graced my doorstep this year.

Naturally, it arrived cocooned in a massive blob of foam, ensuring its safe passage to my home. It didn’t include a USB or power cable, but honestly, at this level, who wants to use stock cables anyway? You’ll also find no remote in the box; after all, it can’t function as a preamplifier. If you’re curious about its features and want to dive deeper, feel free to download the user manual here, and if you’re using a Windows machine like I am, I highly recommend installing the drivers first, which you can grab here.

Design & Build Quality

I have never seen a bigger DAC in my life! Everything about this one is over the top: thick aluminum plates, fantastic metal feet, and an absolutely gorgeous design. It’s built like a tank, and trust me, it feels like one when you try to rearrange it on the table. While it sounds like a diva after a few hours of warm-up, it packs a punch with its heavyweight status, tipping the scales at 19 kg. Not only is this the heaviest DAC I’ve tested around here, but it’s also one of the weightiest metal boxes I’ve received for testing purposes. Even integrated and power amplifiers seem a little shy standing next to it. It looks colossal and imposing, and once I placed it next to my power amplifiers, I truly began to grasp its size. It dwarfed everything else on my testing rig, taking up about one-third of my desk space!

At 1.5 cm thick, it boasts the heftiest aluminum front plate around (the Terminator Plus DAC shares a similar front plate and case), and its entire structure is built to last a lifetime. Its case feels like a Faraday cage, so you can forget about any pesky EMI or RFI noise creeping inside.

Hiding all the screws on the back panel for a clean and minimalist look is standard practice, and its low-intensity LEDs offer just the right brightness in a dark environment. I’m a fan of their warm orange glow. I’ve always loved the raw aluminum look; every piece of equipment I’ve bought over the years features that exact finish, but if you prefer, you can also get it in an anodized black finish.

Like the Terminator Plus before it, this unit boasts rounded edges, ensuring it won’t damage your precious gear when you’re handling it. The flush buttons provide a satisfying click, and they feel securely attached, with no wobbling. It consumes only 20W, which means heat dissipation won’t be an issue, unlike many other units I’ve encountered before. After a week of non-stop music playback, it barely gets warm. You can even put anything on top, including hot integrated or headphone amplifiers, if you choose!

Controls & Connectivity

We are dealing with a pure-hearted DAC with no extra frills, and perhaps that’s for the best since it allows the signal path to be as short as possible. It doesn’t offer preamp functionalities, so you can forget about volume controls or a remote for that matter.

The front panel may look a bit busy at first glance, but most of these buttons are set-and-forget types. From left to right, you’ll find the digital input selectors (indicated by a cheerful orange LED on top), followed by the Mute and Standby buttons. The OS/NOS button gets the most action from me, toggling oversampling on or off (with the LED glowing to indicate NOS mode is engaged). Finally, the Phase and Mode buttons round out the ensemble. If you plan to use the Venus 15^th with a DDC or a wired/wireless streamer via I2S (HDMI) input, the Mode button will be your best friend—don’t forget to check the user manual for additional details!

On the back, you’ll find an impressive array of digital inputs, including USB, Coaxial, Optical, two AES inputs, three I2S inputs via HDMI and Ethernet, and two BNC clock inputs—perfect in case a Denafrips Gaia DDC finds its way onto your shopping list. On the analog side, you have the usual RCA and XLR outputs, delivering a solid fixed voltage of 2.2V and 4.4V, respectively.

Under the Hood of Venus 15^th

Considering the custom nature of R2R ladder DACs, you’ll hardly find two units that look the same on the inside. Personally, I’m getting a bit bored with chip-based Delta-Sigma DACs, as most tend to look more or less identical, with little to no differences. As you may know, R-2R ladder DACs utilize resistor networks (often referred to as ladders) to decode zeroes and ones into analog signals. Denafrips aimed to provide the most lifelike and believable sound, creating a spacious audio experience that fills the room with music. That’s precisely why they’ve incorporated four R-2R ladders, resulting in a true quad-mono balanced topology. The greater the precision of the resistors, the higher the resolution obtainable from the ladder. Denafrips sources thousands of resistors, but only the best ones, achieving a precision of 0.005%, are used in the Terminator, Venus, and Pontus series; the rest go into their Ares series. Handpicking and measuring hundreds of resistors is a tedious and time-consuming process, yet they’re the same high-quality components found in some of the finest R-2R units available today.

The second most important aspect of a DAC is the clocks used inside. The unit I’m testing today is equipped with two Oven Controlled Crystal Oscillators (OCXO for short) operating at 45.1584 MHz and 49.152 MHz – 1024 times the sampling rate of 44.1 kHz and 48 kHz. Encapsulated in a metal casing, these incredibly accurate and somewhat pricey OCXOs are specially designed for high-end audio applications, ensuring ultra-low phase noise and exceptional accuracy. The dual OCXO system is powered by a completely redesigned power supply circuitry, which is encapsulated, shielded, and located beneath the main board, providing a constant current to the OCXOs.

Typically, the digital receiver board of a DAC is manufactured by a third-party company like Amanero Technologies or M2Tech, and most use a tried-and-true XMOS interface such as the XU-208, XU-216, or XU-316, found in everything from affordable to super expensive DACs today. Denafrips took a different route; all their units are equipped with a custom-made USB interface that exploits the full bandwidth of the USB 2.0 standard. This future-proof module supports the highest possible sample rates of 1536 kHz 32-bit PCM and DSD1024 (x8) via USB and I2S inputs.

Last but not least, we have a state-of-the-art power supply that occupies the entire lower level of the unit. It’s an encapsulated linear power supply, shielded by a thick steel plate. The box-within-a-box design effectively eliminates the challenges of dual-box solutions, while oversized dual single crystal copper O-Core transformers (one for the analog section and one for the digital section) provide clean power to the most critical components of both its digital and analog sections. Instead of using two 80-watt transformers, it now features one 80-watt and one 250-watt transformer, which most likely powers the beefier analog stage, yielding superior sound compared to its predecessor, the Venus 12th. Inside, you’ll find several regulation and filtering stages, loaded with some of the best ultra-low ESR and long-endurance capacitors, ensuring the cleanest power delivery.

It’s important to note that the Venus 15^th doesn’t use a single op-amp in its output stage. Instead, you’ll find plenty of discrete components working as mini amplifiers, buffering the analog signal to the industry standard 2.2V via RCA and 4.4V via XLR outputs. This is an impressively crafted unit featuring some of the best components I’ve come across lately. There’s no rush in its design; rather, it presents a well-thought-out internal layout with great care taken in its power supply implementation. Its capacitance appears much larger than many other units I’ve tested recently, and that’s definitely a comforting sight!

Test Equipment

Before you ask, the Denafrips Venus 15^th was used in a stereo rig most of the time, working as a standalone DAC, but I also used it in a well-thought-out headphone system with a bunch of dynamic and planar headphones.

• In my office, it powered the majestic Cayin Soul 170HA (€8.000) and Feliks Envy Performance Edition (€8.599) headphone amplifiers, driving either the T+A Solitaire P ($6.900) or the HiFiMan Susvara Unveiled ($8.000) to strengthen my initial impressions.
• In the living room, the Venus 15^th was fed an I2S signal coming from the Rockna Wavedream NET 4 Tb Roon server ($11.000), followed by a Chord Electronics Ultima PRE 2 ($19.500), Ultima 3 monoblock amplifiers ($33.100). Raidho TD 2.2 ($46.500) were my loudspeakers of choice, playing tunes for a week before dropping my final evaluation. All cabling used was of Crystal Cable Monet breed (power, interconnect, Ethernet, and speaker cables). Everything was also powered by a KECES IQRP-3600 balanced power conditioner.

Everything should be as clear as the blue sky, so what are we waiting for? Let’s hit some eardrums!

Sound Performance

I. Preliminary Sound Impressions

I’ve been spoiled for life after trying and ultimately purchasing the Rockna Wavedream Reference Signature DAC. If you’ve ever wondered just how deep the rabbit hole can go, feel free to check out my review. Just be warned that it may lead to some unwanted wallet damage, just as it did for me!

However, if I set aside the Reference Signature and the Wavedream Signature that came before it, then without a doubt in my mind, the Venus 15^th, along with the first-generation Terminator Plus I heard a couple of years ago, provide the most expansive and holographic experiences. The 3D effects are so powerful and radically different from smaller-sized converters that they’ll catch your attention in less than a minute. These effects make their presence felt not just in a well-thought-out stereo rig, but surprise, surprise, even in a headphone setup, where the differences are anything but small!

I still have the LAiV Harmony DAC around, and I truly appreciate its smooth, organic character. I also enjoy how it sparks my imagination, especially when paired with a monster headphone amplifier (usually tube-based) driving world-class open-back headphones. However, when closely comparing the two using the same I2S digital input, it becomes clear that the Venus 15^th is much closer to my Rockna than it is to the LAiV. The sound takes flight, soaring all around the room; the interesting part is that you don’t even need floor-standing speakers for that to happen. Even straightforward rock and pop tracks were infused with so much more air around every note, making it feel as though I was no longer wearing open-back headphones, but rather listening to a finely-tuned near-field setup playing tunes right before me. There were not only larger voids between each note, but the entire experience was deeper and broader across all axes. Without a doubt, this is the strongest offering that the Venus 15^th brings to the table. While I no longer have the loaned Terminator Plus, I tried a couple of years ago, I clearly remember having similar impressions.

The second thought that crossed my mind was about the resolution and inner detail that the Venus 15^th is capable of delivering. I recall trying the first-generation Venus back in 2020; while I liked its tone and timbre, especially with acoustic music, it wasn’t the most revealing unit, as it lacked a bit of micro-level information, particularly in frequency extensions like sub-bass and the top octave. But that’s no longer an issue with the latest, much beefier version of the Venus. The sound has become cleaner across the board; additional nuances have emerged in unexpected passages, but what truly stands out is its resolving ability, especially in the upper treble. This is where I believe entry to mid-level R2R ladder DACs tend to lose ground to their delta-sigma oversampling counterparts. The Venus 15^th, on the other hand, no longer rounds off the frequency extremes, nor does it hide precious information in the sub-bass and upper treble. I was pleasantly surprised to hear almost the same level of micro-detail as I experience daily on my Reference Signature DAC. The difference was there, but it wasn’t as significant as I had imagined. True, the Venus wasn’t quite at the same level, but it was certainly a step above the Harmony DAC, and I wouldn’t be surprised if it outperformed the Musician Taurus. I’m a little regretful that I never tried the 12^th edition of their Venus, as it’s clear I can hear a massive improvement compared to the first-generation Venus I experienced five years ago. Not only has the sound become bigger and deeper, but it’s also tighter, faster, and much more detailed. Way to go, Denafrips!

The third thought that tingled my senses felt more like a magic trick that didn’t quite make sense at first. How on Earth do you enhance upper treble extension to such an extent, making it sound so much clearer and more defined without becoming harsh or overly bright? That’s the secret ingredient that Denafrips doesn’t explicitly explain, yet remarkably, the treble remains pleasant during long listening sessions—even when paired with solid-state electronics and some of the most revealing loudspeakers I’ve encountered (the Raidho TD series). While this was my third revelation, I wouldn’t be surprised if it became your first, especially if you’ve never experienced R2R DACs before.

These digital-to-analog devices have perfected a technique that chip-based solutions find much harder to replicate: producing sound that is extra crisp, detailed, and occasionally sharp, all without crossing into harsh territory, even when jamming out to wild rock and metal tunes. It’s a skill that all R2R DACs possess today, although some do it better than others. Only a select few delta-sigma DACs can match it (the Ferrum Wandla and Gustard X30 come to mind). What once felt teeth-clenching on entry-level DACs has transformed into beautiful intricacies. After hearing some of their older units, the Venus 15^th strongly reminds me of the first-generation Venus, as it shares more similarities with the much pricier Terminator Plus.

Last, but certainly not least, is the matter of sound control. People often think that’s solely the job of integrated or power amplifiers, but it’s a bit more complicated than that. The DAC can also loosen or tighten the sound. The Ares felt loose and slow, while the Venus and Terminator shine with a much tighter and more energetic sound. I have countless examples to illustrate this point! The Venus 15^th isn’t just delivering powerful bass in the lowest octaves, something that will delight bass heads everywhere, but it also controls that energy beautifully. You’ll feel the force behind every bass note, and yes, that’s indeed the right word! You won’t just hear it roaring; you’ll feel it in your gut. Fortunately, the bass doesn’t go wildly off course; it remains well-controlled, even in the lowest octaves.

II. Denafrips Venus 15^th in a Stereo Rig

All Denafrips units, like many other R2R converters, don’t come with a preamp circuit, which means there’s no way to control the volume, as it outputs a steady 4.4V on its XLR and a lower 2.2V on its RCA outputs. To integrate it into a stereo setup, you’ll need an integrated amplifier, or if you fancy the high-end route, a preamplifier followed by a power amplifier (or two, in my case). I used an all-discrete Class-A preamplifier connected to my daily driver, the Chord Ultima 3 mono amplifiers.

As you may know, most oversampling DACs with delta-sigma modulators feature simplified volume controls, which eliminate the need for a dedicated preamplifier. However, many of these units use simple digital attenuators to reduce their voltage and, consequently, their output volume. Many don’t include line-amplifier circuits or precise volume control, resulting in the loss of bits of information when driving power amplifiers. These units gently apply the brakes, lowering the speed and impact in the process, and they don’t control speaker diaphragms as effectively as dedicated preamplifiers would. If I had to choose between a DAC with a fixed voltage output and one that has mediocre volume control at best, I would certainly opt for the first option.

The lack of a preamp isn’t a major drawback, as there are numerous options available. From affordable preamps like the Denafrips Hestia 12th to higher-end units like the Hades 12th or Athena 12th, there are choices to fit any budget. If you want to further smooth things out, you can always opt for an all-tube or hybrid preamp—the sky and your wallet are the only limiting factors! All of these options will improve driver control, transient response, and, consequently, sound quality.

As I mentioned earlier, Denafrips offers a sound that is massive, open, and wide, as if walls didn’t exist in my room, effortlessly moving air and adding space where there was none. It sounded bigger than the usual converters on my table, including the majestic-sounding LAiV Harmony DAC. It expanded the soundstage in the living room, and I experienced the same effect in my office. The sound was livelier, bolder, and wider than those usual suspects nearby.

Raidho’s tantalum diamond woofers are renowned for their squeaky clean and ultra-fast sound, but they do need help achieving refinement and a higher midrange presence. For that, you’ll need an organic-sounding DAC and/or amplifier. Chord’s Ultima 3 mono amplifiers disappeared into my chain, allowing me to enhance the music with a natural-sounding source. It seems that the Venus 15^th is following a similar path to the one paved by the Terminator Plus, leaving the TD2.2 sounding sparkly up top while infusing some soul into the midrange and plenty of energy without overdoing it. Its mild mid-bass boost can be both a blessing and a curse, depending on your room, adding tremendous oomph while keeping a firm grip on the bass region. Even at lower volumes, the smallest intricacies didn’t fade away; I could still hear them lingering in the room. I was no longer surprised at how balanced everything sounded at a much lower SPL, as I had achieved similar results with the Terminator Plus a couple of years ago. The fullness and midrange density that the Terminator Plus was capable of now resonated through the Venus 15^th, and the warmth and naturalness emanating from those diamond drivers were simply astounding.

It should be clear by now that it performed flawlessly in my loudspeaker setup. It was noiseless when approaching the tweeters and always maintained a blend of technical precision and organic sound.

III. The Soundstage King

The opening chapters of my reviews always highlight the standout features of the unit being critiqued. For the first-generation Venus, it was the tone and timbre that initially impressed me. With the Gustard R26, it was the remarkable transient response that dynamically pushed and pulled the sound. But with the Venus 15^th, it’s the stereo separation that truly makes it special and unique in this regard.

Just for fun, I connected it to a 42-kilo beast designed to drive headphones: the stunning Cayin Soul 170HA. Although I’ve had the HiFiMan Susvara Unveiled and the HE1000 Unveiled for a few months now, I believe that, alongside an end-game headphone amplifier, a potent DAC is essential for revealing the full potential of these headphones. I’ve been experimenting with oversized headphone amplifiers for a while now, and the Traformatic Primavera, Feliks Envy Performance, and Cayin Soul 170HA all capably drive even the heaviest loads, like the HiFiMan Susvara Unveiled and T+A Solitaire P, with plenty of headroom to spare. However, the one that truly gave them wings, untangled my music, and added immense separation between the notes has always been the DAC, the inception point in this grand affair.

The Denafrips Venus 15^th is undeniably an impressive-sounding unit, especially if you care about depth and separation in the sound. There’s always that extra something with the Venus 15^th: outstanding spatial cues, instantaneous focus on sounds playing in the background, and a delightful sense of airiness that creates an overwhelming sensation of being right there with the musicians. It’s never a solo act with the Venus 15^th doing the heavy lifting; listening to music now feels like a social event, and I’m not even mentioning live recordings that sound spooky real. Not many converters can transport you “there,” placing you in a chair in the middle of the track and surrounding you with music, creating a truly binaural experience.

If there’s one thing I’ve learned from trying countless D/A converters over the years, it’s that overkill doesn’t exist in high-end audio; it’s quite the opposite. High-end audio thrives on overkill: power supply implementations, over-the-top analog stages, and meticulous resistor matching. All these elements combine to free your music, allowing it to flow effortlessly. Music becomes an unstoppable force, and the only thing left to do is close your eyes and go with the flow.

GoGo Penguin recently released a new single titled Fallowfield Loops (available on Qobuz and Tidal), and if you’ve experienced these guys before, you know they always ramp up the pace with tons of sound directed at your peripheral hearing. In this track, spatial cues slowly began to paint a colorful picture in front of me, not just colorful in essence, but the textures felt real and palpable. The music didn’t just affect my hearing, but resonated with most of my senses. Venus gradually began to portray a vast soundstage. It wasn’t just generous in size; it was massive in every sense of the word! The interplay between bass, electric, and acoustic guitars, piano, and a plethora of percussion suddenly came together as one.

It wasn’t its note-binding skills that made me appreciate this music, but rather the stereo separation that allowed me to enjoy each and every instrument individually. The layering was such that it made it easier to focus on each instrument, and the coolest part was that it never rushed the experience, as delta-sigma converters sometimes do. Instead, it allowed me to settle into that mood and soak in every nuance and detail in a natural way.

IV. Detail Retrieval & Transparency

There’s a track that never fails to lift my spirits when things start to look grim. It’s a bit rough around the edges, far from what I’d call Hi-Fi worthy, it’s nothing special, treble-intensive, and incredibly loud, but even poorly mastered underground music feels like Hi-Fi when cranked up. And yet, it cheers me up and resets my mood to its factory settings. Now, imagine my surprise when I discovered that I lived in the same building as the main soloist of the band; the world truly is a small place! Derulează-mă by Snails (available on Tidal) sounds louder than your typical grunge, alternative, or punk, but wow! It’s so much fun, and I can’t help but tap my toes along to it. If you’re going through a mid-life crisis, this track might just help you rediscover yourself, so check out the lyrics!

What impressed me most is not the pace, rhythm, or timing, nor even the depth and layering, but how natural and easy-going this treble-intensive track sounded. Delta-sigma DACs often struggle here, as there’s just too much shimmer and ringing in the treble region, but the Venus delivers a clear, defined, and remarkably realistic sound. It feels like I’m attending a live concert for one of my pals who joined a rock band, rather than just listening to a random track on my playlist.

If you’ve had your fair share of experience with R2R DACs, or if you’re just beginning to explore them, you’ve probably noticed that achieving outstanding resolution and micro-detail often requires a heftier investment compared to traditional chip-based delta-sigma DACs. Take the likes of Topping, SMSL, or Gustard as prime examples. The D90 III Discrete showcases everything there is to hear, as do the SMSL SU-10 and Gustard X26 III, and none of these demand an outrageous investment to uncover the last bit of information. However, in R2R territory, similarly priced units often offer nicer tones and a more natural timbre, albeit at the cost of not being as clean and resolving. Unfortunately, if you’re looking for a resolving R2R DAC, you’ll need to pay a premium, and the Venus 15^th is the living proof of this.

The LAiV Harmony DAC already represented a significant upgrade from the Musician Pegasus II and a smaller improvement over its sibling, the µDAC. I felt exactly the same way when comparing the Venus 15^th with the Harmony DAC; I experienced a substantial uplift in resolution and sound transparency. The most striking difference didn’t emerge from reference recordings but from everyday music. With the Venus, I heard additional layers of bass and a more precise, clearer, and well-defined treble output. It wasn’t just a brush stick gently hitting a drum; on the Venus, you could sense the initial attack, the sustain, and then a slow decay—all while highlighting the material from which the drums were made.

The Venus 15^th makes you reconsider the materials that instruments are crafted from, rather than just how much information you can glean from your previous converter. It’s a more complete experience, one that engages all your senses and primarily focuses your attention on the emotional side of music listening, rather than the technical side.

V. Dynamics & Transients

The Venus 15^th is an impressive-looking unit, and once you open its hood, you’re greeted by a sea of hundreds of components. A longer signal path like this typically translates to weaker detail retrieval and a slower transient response, but that’s not always the case. Generally speaking, these units shouldn’t be as light-footed as their slim D/S DAC counterparts. For example, my former Matrix Audio Element X was an extraordinarily fast and nimble source, boasting one of the cleanest sounds out there. However, it wasn’t among the hardest-hitting units around—not even close. With R2R designs, it’s often the other way around.

Creating fast-sounding R2R units is trickier since we’re dealing with longer signal paths that pass through two to three times the number of components. Thus, the component selection becomes crucial; every stage slightly degrades and slows down the signal. Opt for lower-quality components (like high ESR or high impedance capacitors) and you risk bottlenecking transient delivery. With all due respect to Denafrips and their previous models, the first-generation Ares and Venus struggled to keep up with lightning-fast tunes. The Ares lacked both speed and impact, often sounding sluggish and mellow, while the Venus only fell short in the speed department, delivering a commendable thump down low.

The Venus 15^th, however, no longer has those constraints. It doesn’t round off the frequency extremes like its smaller siblings did; it doesn’t slow down or soften transient energy, offering all the speed I craved. You’ll feel a hefty punch through open-back headphones and a substantial kick in the chest via loudspeakers. Among the R2R ladder DACs I’ve tried, the Venus 15^th and the Terminator Plus stand out as two of the hardest-hitting units I’ve experienced, guaranteed to impress any transient response enthusiast.

In absolute terms, when compared to the best of the best, I still believe a top-tier Delta-Sigma DAC might outpace the Venus 15^th in sheer speed. These DACs typically leverage cutting-edge technology that can deliver lightning-fast transient response. However, where Venus 15^th truly shines is in its raw power and impact. It has a way of making every note feel visceral and alive, transforming the listening experience into something that resonates deep within your chest. The combination of punchy bass and nuanced highs creates a soundscape that draws you into the music, leaving you feeling as if you’re front and center at a live performance.

In contrast to many Delta-Sigma units, which can sometimes feel a bit clinical, the Venus 15^th manages to convey energy and excitement without losing any of that razor-sharp detail. It effectively balances speed with a robust body, a feat that elevates it above many competitors. While the top-tier Delta-Sigma DACs may have the advantage in speed, the Venus 15^th offers a compelling package of dynamics, engaging transients, and an overall richness that is hard to match. It’s this balance that makes it such an exhilarating unit, leaving you eager to explore every genre of music it has to offer.

Roses are red, and violets are blue, but how does this monster of a unit handle thumping electronic beats? Can it keep pace with the rapid tempo and deftly control all those energetic spikes? I kicked things off with Sploo by Ovoid (available on Qobuz and Tidal), then moved on to Uptick by Tipper (also on Tidal), and later cranked up the intensity with the mean and punchy Recognition by Symbolico (you guessed it, on Qobuz and Tidal).

While the first two tracks had me appreciating the bass gently pulsating like an artificial heart, the last three tracks by Symbolico whisked me away to an underground rave party somewhere in the Middle East. The bass notes seemed to plunge deeper with every track, creating the sensation of a bottomless pit. Symbolico goes all-out to assault your senses, but their Don’t Be Afraid (Remix) felt like a mesmerizing blend of electronic vibes and AI-generated vocals – spooky, thrilling, and undeniably cool. So, can it do justice to fast and punchy tunes? Hell yes, it absolutely can!

Frequency Response

VI. Bass

An overkill power supply and analog output stage automatically translate into a rich, bold, dense, and textured bass response, far more impressive than what I typically experience with regular delta-sigma DACs. Even exceptional R2R units that have impressed me in the past will struggle to outgun the Venus 15^th in this regard. This truly is a bass lover’s dream, and even without a proper burn-in, her majesty, the Bass, makes her grand entrance right from the start. Over time, the bass won’t lose any of its intensity; instead, it will become a bit faster and better controlled. However, its fierce attitude will remain intact. I can’t think of a better remedy for systems that lack oomph, low-end extension, and impact. If you’re using bookshelf speakers, it will feel like an extra pair of woofers has sprouted from your speakers, further extending the low end. My Rockna Wavedream Reference Signature is even wilder in this department; it’s the transient response king, but it costs an arm and a leg, making recommendations quite tricky. However, the second and third DACs, sitting just below it in terms of bass extension and layering, are the Denafrips Terminator Plus and the Venus 15^th. Many other units can do justice to the bass region, but these two are something else entirely.

The only almost mandatory addition for the Venus 15^th is an over-the-top preamplifier that can tightly control these higher-than-usual bass levels. Use a less impressive preamp, and the timing might take a hit, losing some bass control and definition in the process. This wasn’t an issue with my system, but it could be a small concern with large floor-standing speakers. Careful matching is still needed.

VII. Midrange

The number one reason people invest in R2R converters is their soul-grabbing midrange, which is hard to replicate by any other DAC design. Single-bit DACs exhibit a similar flow, articulation, and note-binding finesse, but R2Rs still take the cake. I can’t quite pinpoint why they create such magical moments, especially with acoustic music, but this is their shining hour; they create music, not just a haphazard blend of random sounds. The Venus 15^th is no exception, and if your audiophile diet consists primarily of acoustic music, I cannot recommend an R2R DAC highly enough, depending on your budget.

However, there’s an interesting phenomenon displayed with the latest-generation Venus, something I didn’t experience before. While it seeks to capture your attention with hard-pounding bass notes and lots of sparkle up top, it almost seems as though the midrange region is slightly overlooked. After conducting back-and-forth comparisons with my own DAC and later with the LAiV Harmony DAC, which, by the way, impressed me with its meaty and juicy midrange, I concluded that the Venus 15^th is incredibly similar. The tone, timbre, flow, and texture are all there! The only distinction is that the Harmony DAC does not emphasize the frequency extremes as much; they feel a bit muted by comparison, allowing the mids to have their shining moment of glory.

The Venus 15^th still waves its wand, making every tune powerful, beautiful, and real. Note decays are a bit longer, providing you with extra time to appreciate their intricacies. I must say that the Venus 15^th has never let me down with its sweet inner voice.

VIII. Treble

Treble aficionados can breathe a sigh of relief, the highs on the Venus 15^th aren’t rolled off, which is often the case with more affordable R2R creations. I certainly noticed this with the Denafrips Ares and the Musician Draco & Pegasus. The highest precision resistors have been utilized in the Venus 15^th, and let’s not overlook the extremely accurate Oven Controlled Crystal Oscillators (OCXO for short) that could cost as much as a fully assembled delta-sigma DAC, complete with all the bells and whistles. While obtaining a highly resolving, precise, and transparent-sounding R2R DAC can seriously dent your wallet, that’s not the case with the Venus 15^th.

Nonetheless, the treble is as detailed and extended as it gets, bringing a wealth of textures, body, and shimmer, without introducing brightness or listener fatigue. Brightness-free DACs have become the new normal, and the Venus 15^th achieves this without sacrificing treble extension and definition—something that might feel lacking on the LAiV Harmony DAC or Gustard R26, for example. The fascinating part is that there’s plenty of zing and sparkle, but none of the aggressive character that some delta-sigma DACs display. I can’t make it overly sharp, no matter what I do, and if you’re hunting for aggressiveness and super-strong leading edges, then you might want to look elsewhere.

The Denafrips plays its cards close to the chest with ace precision, and the digital harshness never rears its ugly head. Instead, you’ll find plenty of definition and micro-detail in the upper registers. My speakers are extremely detailed, thanks to their ultra-thin planar tweeters, yet the sound never assaults my eardrums. Just a friendly note: this is not your typical “milk with honey” R2R ladder DAC. Both the sub-bass and the upper treble are robust and present in all your tunes. If you’re after a rolled-off sound, you might want to explore other options.

IX. A Comparison

Denafrips Venus 15^th ($3.999 in the USA / €3.999 to €4.499 in Europe) VS LAiV Harmony DAC ($2.700 in the USA / €2.999 in Europe)

I must admit, I’m a bit sad that I no longer have the loaner Musician Taurus with me. What an amazing comparison that would have been! However, I still have the LAiV Harmony DAC, a fantastically sounding unit sculpted like a gorgeous gemstone.

I won’t go too deep into their feature sets, inputs and outputs, or the obvious physical differences, those details are covered in my in-depth reviews of both units. But I will mention that both are 100% custom-built from scratch, each with a unique DNA from their parent company. Even though both are R2R ladder DACs, they each embrace different philosophies, leading to several defining moments that make them quite distinct.

Neither unit has volume control or a preamp stage, so you’ll need to use integrated amplifiers or venture into the high-end territory with a preamp plus power amplifier combo. Comparing these two was surprisingly easy, as their defining qualities became immediately apparent in a double-blind test.

The most notable difference lies in the interplay of frequencies across our hearing range. At first, it felt like the Harmony DAC placed a higher emphasis on midrange frequencies, infusing a bit more life, texture, and definition in there. However, after several back-and-forth comparisons, I noticed that the same positive attributes could also be felt on the Venus 15^th. So, what was the difference then? The bass and the treble! While the Harmony DAC felt a bit shy in comparison, the Venus 15^th came across as bold and muscular-sounding. The bass hit harder and extended lower with the Denafrips, with extra layering happening in the sub-bass region. The LAiV was losing some extension and punch in a direct comparison, and some of the layering wasn’t as impressive.

The treble performance was even more intriguing. Not only did I hear additional subtleties and nuances on the Venus 15^th, but it also offered better extension, contour, and leading edge—somehow making everything sound more “real.” I’m not sure if this is due to timing, but it certainly felt that way. The treble wasn’t sharper, but clearer—not brighter, but crisper. Imagine gazing at a higher-resolution picture without boosting the contrast levels; that’s what the Venus 15^th achieved in its direct comparison with the Harmony DAC.

Adding a few more tracks to the playlist, it became clear that the sound was more detailed on the Venus, and this clarity extended beyond just reference recordings to ordinary tracks that we commonly listen to. I rarely use reference recordings; most of my music isn’t pristine, yet everything felt clearer, allowing me to dive deeper into the mix. Undeniably, the Venus 15^th is a higher-resolving DAC, and it’s not just the bass and treble that feel crisper and more layered, the midrange is also more separated and defined.

Another striking contrast was the overall scale of the music, as well as the openness and depth of the sound. Don’t get me wrong, the Harmony DAC is still outstanding and easily outplays similarly priced delta-sigma DACs in this regard, but the Venus 15th sounds grander across the board. It’s as simple as that. Connecting the LAiV uDDC to the Harmony DAC via I2S slightly decompressed the sound and enhanced its sound staging abilities, but it still doesn’t come close to the performance of the Venus 15^th. Beating it at this price would be quite the challenge.

Last but not least, the dynamics felt more powerful on Venus. The extra bass layering and better extension provide a substantial boost, but it’s not just the bass that feels more playful; everything else is a bit more energized and joyful when compared to the leaner LAiV Harmony DAC. In the end, both units sound great, and if you choose the LAiV after reading this comparison, I completely understand why. It’s still a bit denser in the midrange and leaner overall, making it a great option for bright-sounding gear or battle-hardened (older) ears.

My Conclusion

There are times when writing a 14-page review for a product that’s good but not outstanding feels like a daunting task. This time, however, I felt revitalized and energized; the words flowed so naturally that I didn’t even have to strain my mind. Moments like these are what I live for, even if truly great-sounding units don’t come to visit me on a weekly basis!

Now, let’s address the elephant in the room: this is a DAC-only unit with no flashy extras. Say goodbye to remote controls, dazzling displays, touch controls, beautiful UIs, and a plethora of functions to toy with. It specializes, and boy, does it specialize well! At the end of the day, the Venus 15^th formed a strong bond with my tunes, leaving me grooving to the music rather than penning sound impressions. And if that’s not a testament to its performance, then I don’t know what is.

I’ve had my fair share of converters from Denafrips; I believe I’ve tested all but the Pontus here. The first-generation Ares didn’t send waves of excitement through me; it was mostly a smooth ride. The first-gen Venus was a significant step up in all regards, but it still lacked the nerve and resolution of this newest family member. Although five years have passed since I heard the original Venus and a direct comparison isn’t possible, the newer unit now boasts a larger case, a beefier power supply, and a superior clocking system, all of which enhance its sound. The improvement in resolution is substantial, as are its dynamics and transient response. This is no longer the mellow, shy, overly smooth Denafrips sound I once knew; this version is much more polished, mature, and infinitely more fun to listen to.

Finding a con isn’t as obvious as it was before; it feels more like searching for a needle in a haystack. Sure, it’s still not perfect in absolute terms, and some of you may be left with a few question marks lingering above your heads, especially after reading my comments regarding its treble delivery. However, it’s so much closer to my new reference that I can’t hold back from awarding it our Highly Impressive award!

Denafrips truly deserves this recognition, and now I find myself wondering just how much better the Terminator 15^th and the Terminator Plus 15^th can sound, given that they all share the same casing, resistors, digital input board, and most of the clocking system. Can they sound even better than this? Absolutely! But in this hobby, there’s no gain without some pain. Everything has a cost.

Denafrips graciously loaned the Venus 15^th for the purpose of this review. It is currently priced at €3.999 in Europe and $3.999 in the USA, and you can order one directly from their worldwide online shop.

If you take the plunge and still have some burning questions, feel free to drop a line in the comments section below. That’s all for now, Sandu signing off! 🤜🤛

PROS:

• Masterfully crafted unit with a minimalist industrial design
• Built like a tank; top-notch build quality
• The most impressive component selection I’ve seen in a while
• Robust analog output stage and power supply implementation
• Noise and distortion-free operation, with a pitch-black background at all times
• Considerably clearer and more detailed sound compared to lower-tier Denafrips units and close competitors
• One of the most holographic, spacious, and open sounds I’ve experienced on a D/A converter
• Deep and immersive sound in both stereo and headphone setups
• Punchy, visceral, hefty, and bold playback with bass-intensive music
• Dynamics are always playful—enjoyable listening at all times
• Full-bodied, organic, and natural sound
• Covers the frequency response in its entirety, without roll-offs in the lowest or highest registers
• Widest selection of digital inputs available
• Outstanding performance for the price!

CONS:

• It’s strictly a DAC, nothing more & nothing less
• An equally impressive preamp is essential for tightening control over the bass region
• Performance could be enhanced with external clock generators (an additional expense)
• Further improvements are possible with top-of-the-line DDCs like their GAIA (another extra expense)

ASSOCIATED EQUIPMENT:

• Digital Transport / Roon Server: Rockna Wavedream NET 4 Tb
• Network Switch: Ansuz PowerSwitch D3
• DACs: Denafrips Venus 15^th, LAiV Harmony DAC, Rockna Wavedream Reference Signature
• Headphone Amplifiers: Cayin Soul 170HA, Feliks Envy Performance Edition
• Preamplifier: Chord Electronics Ultima PRE 2
• Power Amplifiers: Chord Electronics Ultima 3 (X2)
• Full-sized headphones: HiFiMan Susvara Unveiled & Susvara OG, HE1000 Unveiled, T+A Solitaire P, Meze Elite, Erzetich Charybdis, Kennerton Rognir, Sennheiser HD800S & many others
• Loudspeakers: Raidho TD 2.2
• Interconnects: Crystal Cable Monet XLR (X2)
• Speaker cables: Crystal Cable Monet 2.5m
• Power Cables: Crystal Cable Monet 1.5m (X4), Neotech NEP-1001 (X2)
• Ethernet Cable: Crystal Cable Monet
• HDMI Cable: AudioQuest Dragon
• Balanced Isolation Power Conditioner: KECES IQRP-3600
• Audio Rack: Woodyard Suspended Triple & Baby Modular