Couple of inputs to the volume discussion, if I may:
1) Volume control performed on the DAC will NOT affect MQA decoding, as already posted by
@Veri and others. I assume this is also true when using the DAC just as MQA renderer, but not 100% sure. Software Volume Control performed by the source (PC, Streamer etc) will definitely break MQA.
2) Gustard is adamant about keeping the DAC's volume at 0dB (max volume). And there is no doubt adjusting volume on the DAC will affect distortion, as logic dictates. The question is how far can you go before it's audible? The IMD graph indicates that distortion picks up from around -12dB (courtesy of the ESS hump) but then flattens out around -25dB. Even at -35dB it's still pretty great.
3) According to posts by
@gustard earlier in this thread, volume control is NOT implemented in the output stage, unlike some DACs that are meant to work as preamps. So it's using the DAC chip's volume control, which we must assume is implemented at 64 bits or better, possibly even floating point. I actually prefer this to digitally controlled attenuation in the output stage -- unless it is exceptionally well implemented.
4) Obviously keep the DAC at 0dB if feeding a preamp or headphone amp. Goes without saying.
5) If feeding a power amp directly, then choose the lowest gain setting offered by the amp that will still give you enough volume with the DAC at 0dB and playing loud music. And of course avoids clipping! Then adjust the DAC from there.
I use Gustard A18, which it is one hot DAC, putting out over 6Vrms through balanced XLR. Fortunately my Bryston power amp has dual gain pots, and I found a level where I can usually keep the DAC in the -10dB - 0dB range, although I may occasionally go as low as -20dB. It still sounds amazing!
X16 outputs the nominal 4Vrms and has lower distortion than A18, so you're off to a better start.
Still, if I were using a power amp with standard, fixed gain of 28dB, I'd say a preamp is needed. Otherwise you'd have to run the DAC at too low a volume setting, and much of that beautiful low THD+N of the X16 will be wasted. That said, it would have to be a good preamp to do a better job than the X16, even at -35dB.
Of course one can use attenuators (as suggested by
@lizhuoyin). Or at least use RCA-to-XLR cables, which will cut output from the DAC in half.
Just my thoughts