Moving to the back panel we find the usual inputs of USB, AES/EBU, coax on RCA and optical but also the still far less ubiquitous I²S over HDMI. That benefits from conveying clock signal independently of the music signal instead of embedding it as all other formats do. Since I²S over HDMI is no official standard, various brands implement its pin-outs differently. Here I'm happy to report that Holo uses the same configuration as Denafrips and Jay's Audio while providing support for other pin-outs if needed. As it happened, the Cyan 2 shook hands with my Jay's CDT2-Mk3 transport without any problem or adjustment but only after I figured out that my Aurender needed to be fully off which caused a few initial minutes of consternation. Analog outputs are on RCA and balanced XLR but with all my gear being single-ended, my listening impressions only apply to RCA.
Inside the enclosure awaits what makes Holo special, starting with their proprietary balanced discrete resistor ladders for PCM operating in strictly non-oversampling aka NOS mode. The designers wrote a detailed paper on why they believe NOS to be superior. Though I have no technical knowledge to support or invalidate their claims versus the oversample-all crowd, I can vouch for how transparent and devoid of glare and artefacts their implementation is. DSD hits its own proprietary vector-step resistor network separate from the PCM ladder to optimize DSD's unique requirements. The USB input too benefits from in-house R&D with proprietary firmware with ultra-low latency, highly reliable data transmission and superior USB eye patterns.
The pricier Holo models dive progressively deeper into parts quality and various tech as well as proprietary software to keep noise and jitter out of the decoding process but our Cyan 2 builds around the same principles and circuits to deliver the core signature and philosophy of Holo's sound at a significantly lower price. Did they succeed? A full answer must wait until I can hopefully get my hands on one of their dearer models but in absolute terms, the Cyan 2 is a stunning performer. I can best describe it as the DAC equivalent of Enleum's AMP-23R. If you're a frequent reader, you may realize what high praise that is. When it comes to transparency, dynamics and holographic imaging with natural flow and timbres, the Enleum is unmatched in my book. Yet the Cyan 2 is its twin in a DAC's skin.
When comparing the Cyan 2 to my highly regarded Denafrips Pontus II—both discrete resistor-ladder DACs—the Holo consistently comes across as more resolved. Its imaging is broader, deeper, more delineated and precise, microdynamics are tighter and sharper and there's an inherently true feeling of flow. None of these points are massive individually. As a compound effect however, the experience becomes far more immersive as though we move from the far tier of a concert hall to the front rows. With every recording the change conveyed greater energy, a deeper connection to the music and elevated urgency in contrast to the Pontus II's more laid-back approach. Not that I'd describe the Pontus II as laid back per se, just by contrast to the Holo which has you lean forward into a huge more detailed soundstage awaiting the next startling transient, the next dynamic contrast you sense approaching. The Pontus II is less demanding of our attention. Every detail is there, every dynamic rise tracked but you can ignore them at will. The Holo has no 'ignore' option. You are front-row center at the concert and every musician performs for you to expect your full engagement in trade. You know the old reviewer cliché of feeling more there? The Cyan 2 gives you a lot more of that presence instead of listening to a diffuse faraway recording. On the right recording it gets quite visceral indeed.
