The dac is not a R-2R dac but a 1-bit dac.
As a general rule, the fewer bits a DAC decodes at a time, the higher the oversampling rate needed to reach a high dynamic range
multi-bit dacs:
R-2R DACs can be designed to decode data without needing to oversample. The simplified explanation is that because they can handle 18-28 bits at a time, so they don't require delta-sigma modulators to clean up the quantization noise.
ESS/AKM DACs are also multi-bit DACs, but they use something called delta-sigma modulators to remove noise from the audible band. Since they decode only 4-5 bits at a time, they have to oversample to properly clean the quantization noise with their delta-sigma modulators. That's why they're known as delta-sigma DACs. They go through an extra phase after simple decoding to clear out the quantization noise. Perfectly matching the units in these delta-sigma modulators is one of the challenges in designing good multi-bit DS DACs
1-bit dacs.
1-bit DACs decode one bit at a time. Since they handle fewer bits at a time, they need VERY high oversampling rate to clear the noise from the audible band and boost the dynamic range. They must use a really complex oversampling algorithm to keep the dynamic range high.I remember vaguely that their output stage can be designed to be less non linear too for various reasons but for audio applications that doesn't matter.
all 1-bit dacs and ESS/AKM dacs are delta sigma dacs. R-2R dacs are ladder dacs.
Advantages of 1-bit dacs.
There's no publicly available, measured proof of the advantages of 1-bit DACs. Years ago, ESS released a presentation claiming that the non-linearities of delta-sigma modulators are audible. 1-bit DACs are said to possibly avoid this issue. Generally, it's believed they don't produce the non-PSS noise that ESS/AKM delta-sigma modulators do and they might have less noise floor modulation. But these points are still speculative. Despite this, it's actually tougher to design high-performing 1-bit DACs compared to, say, ESS DACs
Conclusion:
Chord specializes in creating 1-bit DACs. I think Topping wants to edge Chord out of the market with their new DAC. Topping leaves no room for the audiophile community to complain about the 'ESS glare' or the 'soft sound' associated with AKM. They've developed a completely discrete DAC that addresses all the common complaints audiophiles have about the perceived problems with the sound of AKM or ESS DACs which they claim ''these are not measurable with simple methods but we can hear them''.
Topping has already won over the hearts of evidence-based audiophiles. I think their new goal is to win over the 'I trust my ears' crowd.
About the claims of non-pss noise etc check this thread:
https://www.audiosciencereview.com/forum/index.php?threads/two-old-ess-talks.9216/