Just so we are on the same page, the first few slides here is what I'm referring to.
That first bullet point is key. “Until it reaches the noise floor of the analog components of the DAC (unit as opposed to IC).

Audio-Technica AT8202 Adjustable In-Line Attenuator Measurements and Review
Audio-Technica AT8202 Adjustable In-Line Attenuator Measurements and Review The AT8202 is an analog attenuator that provides up to adjustable attenuation for XLR devices in 10 dB increments (-10, -20 and -30 dB). It is made in Taiwan. These are primarily used to attenuate microphones, but if...

The Fosi ZD3 volume knob is a digital encoder and to my understanding, it’s using the ESS’s internal digital volume.
If you take a look here, I talk about SINAD once you take into context amplifier gain.
Imagine you are at 110 dB SINAD at full signal and 60 dB SINAD at some lower signal, like 0.1V. If the preamp output at 0.1V goes into an amplifier with a certain amount of gain and into a speaker with a certain amount of power, and your volume is 90 dB, then the 60 dB is woefully inadequate. But if that 0.1V generates actual audio volume of say, 40 dB, then your horrible 60 dB SINAD is more than enough to be audibly transparent since your actual signal is only 40 dB.
With this is mind, your goal is to make sure there is minimal noise at idle (the putting your ear next to the tweeter test). Even if you don’t hear the hiss at the listening position, if you walk by the speaker when changing discs or just doing some sort of activity, you will want to minimize that hiss. In a home theater environment with 16 channels, that minor hiss can cumulatively add up as well…

Schiit Freya Noval Measurements: Taking a Different Perspective
Schiit Freya Noval Measurements: A Different Perspective The Schiit Freya S and Freya+ have been tested by @amirm. The 1 kHz dashboard summary is below. Freya S (newest) Freya+ and Freya Noval (older) Passive Mode "As good as the analyzer" "As good as the analyzer" Solid State Mode...

Hands down, the Bluesound Node Icon is one of the quietest streamers with WiFi, a display, HDMI eARC, Dirac Live in a small footprint.
At 3.7V, the MiniDSP SHD only hits 111 dB SINAD.
Then look at the multitone
Compare the Bluesound to something like a Topping D90 III
And consider the fact that the D90 is a DAC only and the Bluesound Node Icon has a powerful CPU to handle Dirac and streaming, an ADC to allow line input, a subwoofer output and crossover, a fancy display that is larger and potentially radiating more EMI/RFI than a smaller WiiM Ultra screen…
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