Sign magnitude-like R2R with over-engineered error correction, over-engineered output stage with over-engineered capacitors and power supply
(holo is BTW not fully discrete; to compare to soekris for example which is "no" or very little feedback into OPA1656. holo audio uses all tricks to get such superlative DAC performance which include feedback and high-performance op-amps(which I don't know)). The first holo spring was already quite good, I suppose due to the financial success they could put money where their mouth is and improve, and improve yet again in spring 2 and 3(trickle-down from the MAY statement DAC).
That to say R2R does not equal "fully discrete" or other such things, to get this good of performance it would need all the technological marvel accessible. Put a tube anywhere in there and the performance will get drastically worse lol
from what I gather the spring 3 only has NOS mode though? No more oversampling chip. And actually, makes sense since it was an AKM chip. RIP that factory...