Nearly 100% discrete DAC. 8 pieces of PCM1704. DSP1 add on. Class A power supply and output amplification. Puts out some HEAT and is hands down the best DAC I have ever had the pleasure to listen to. It pains me to sell it. My whole system was perfect except that it was all massive and its literally in the way of our growing family. I thought I would have this DAC for the rest of my life. I know it will last that long and it will not be beat by the next great thing. Look it up on HeadFi, on Audio-GD, on google of course. All the reviews are of this just being a knock out DAC. I think it cost me 00 new. If I was buying new gear I would jump at that price again and again. There is nothing digital sounding about this DAC. Everything is smooth, authoritative, punchy, and yet delicate and accurate. Smooth and accurate at the same time is priceless. I guess I could continue to gush about it but you can see the pics and do the research rather than listen to me blather on about how great it is.