There is also the Soekris DIY line (sold out): https://soekris.modhouseaudio.com/soekris-diy-products or the OEM line which you’d have to get more creative in how you implement.
Not as cheap, but should provide a nice clean/analytical DAC when done. Who knows what the cheaper unknown ebay stuff would provide.
Oooooooooo interesting. 
Before you mix and match R2R with a THX, read a few posts from here: Is THX (precisely: is AAA) a bad thing?
I will not the same forum members that seem to enjoy R-2R DACs don’t tend to use them or have the highest opinion of THX amps. Just sharing my 2 cents and I’m NOT saying something is better than another, but larger point I have to share which is your source chains matter and synergy is VERY important. I think Zeos thinks so highly of the THX amps because he doesn’t really mess with them in terms of DACs and his gear plays to the amp’s strengths.
Has anyone used this before?
Yes, it’s actually pretty good, based off a soekris dac, pretty solid, works well with their stack
how does it compare to something like the Denafrips terminator/Plus?
Hmmm, so I haven’t heard the plus, but the sagra is going to be more neutral and resolution focused, trying to go for accuracy, whereas the terminator is going for a bit warmer and more fun punchy sound while maintaining it’s resolution
what im hearing is that yeah an R2R dac actually sounds so much better and less digital and polished… now if only i had the money and space… im stuck in DS
Very interesting thread here and learning a lot, too.
I could use a very basic primer though on the major distinctions of R2R, Multibit and Ladder. But I’ll take a stab at it and see if I am in the ballpark.
The reason I am asking is a) I love learning new things, and b) as I fall further down the audiophile rabbit hole, I am able to notice and pick out things I’ve never been able to before.
Earlier this evening I was doing some comparisons between the Jotunheim with the multibit DAC module and the Geshelli Labs Enog with the AKM chip. I’ve been noticing for a while now that I can hear a difference between the two DAC’s and I’ve been favoring, heavily, the AKM chip over the multibit chip.
I couldn’t quite describe what I’ve been hearing in words until I looked at AKM’s website for the AK4493EQ ( https://www.akm.com/global/en/products/audio/audio-dac/ak4493eq/ ) where they use the words ‘velvet sound.’ Velvet is the perfect word for me to describe the sound I hear from the Enog and Jnog when I compare them to the Schiit multibit.
hey SG, my understanding is that R2R is the same as Ladder.
@M0N should be able to clarify and correct me if I’m wrong. 
R2R is also referred to as a resistor ladder/ladder DAC
Multibit is a ladder on a chip, the way CD players worked in the 80’s.
So basically all words for the same thing.
The only real difference being if the resistor ladder in on a chip, or made from discrete resistors.
The “Families” of DACs from an electronic stand point are:
Ladder (Binary Weighted, R-2R, C-2C, etc.) - Each binary input has a specific state for the output.
Delta-Sigma (= Sigma-Delta), 1-bit family - By comparing output amplitude to input value and adjusting accordingly for over-/undershoot, the average is the desired signal.
D-S DACs can be “stacked” to have a morc precise output
Multi-Bit, technically 1-bit family - These compare the output signal to the input value in the same way a D-S DAC does. The main difference is them being “more than 1-bit” internally. So there may be 4 distinct steps (or more, or less) internally instead of the on/off a D-S DAC uses.
Basically a half-breed of the former two.
Clearly, I need to do some more in-depth reading on this topic. Thanks for the responses!
how long do you have to let it rise before using? LoL!
Spelling is hard. 
Does somebody knead to learn to spell? LOL!!
I misspell things all the time, and English is my native language.
I’m looking to upgrade my chain a bit and I could really use some help. I’ve watched or read a number of reviews but I’d still like more opinions. I wish I could try everything myself and make a decision that way but that’s not possible at the moment. Right now I’m considering the Ares II, the Bifrost, and the Gungnir Multibit. Of these three dacs, what are peoples thoughts? I read earlier in this thread that the Gungnir may be getting an overhaul this year?
I’m considering either getting the Headamp GS-X Mini or the SPL Phonitor XE to upgrade my amp as well so this is what the dac would be paired with. Headphones I have right now are the Audeze LCD-3 and the Focal Radiance. Thinking about getting the ZMF Verite Closed at some point this year.
My current dac is a an Aune X8, and I have it running into both an Aune X7s amp and a Magnius. The LCD-3 is being powered by the X7s and the Radiance by the Magnuis (using the X8’s preamp out). I’m slightly treble sensitive and I find the X8 and Magnius give me a little fatigue with the Radiance as they did with the Elegia I had before them.
If you decide to go with a gsx mini, personally I would go for a holo cyan pcm imo, I think that has great synergy with the gsx and is a bit of a step above from the bifrost or ares (for not too much extra)
For the phonitor I would probably go after the ares ii actually to make it a bit more fun and still maintain clarity, also help add more width and depth to the phonitor (since imo it can lack in that regard), help make it sound a bit more holographic
So you’ve kinda only picked bright leaning amps, the phonitor is more neutral analytical leaning and tends to be a bit more on the dry and flat side, and the gsx mini is also more bright leaning but in a sweeter more full way, but both still lean bright and wouldn’t do any favors to treble sensitivity. Imo the phonitor would be more in line with the sound of the magnius (obviously more capable but signature wise I mean) than the gsx, so if you could only get one or the other than I would go for the gsx (also I think the gsx would play nicer with your headphones), but in the price range you sit at, there are other great options as well