Finally got the right combination of search words. Looks like I guessed wrong, there is a resistor ladder in the DAC.
Lukasz Fikus, Lapizator's developer/owner wrote on 11/30/2021
https://www.whatsbestforum.com/threads/lampizator-announcement-launch-of-our-all-new-totl-horizon-dac.33950/page-5#post-760819"Hi, there is no such thing as chipless solutions. The resistor ladder solution uses a MONSTROUS chip to run the resistor ladder process, there is no free lunch. We use very modern chips that noone else has right now, and they are programmable, so we write firmware which controls the block diagram of the chip, filtering, sampling rates, dsd, conversion current, and all that. So you cant compare that with any other dac."
A post on Audiokarma said:
https://audiokarma.org/forums/index.php?threads/lampizator-high-end-dacs.1039479/"So, there's no dedicated integrated DAC chip, in that monster.
The likes of an AKM, ESS, Texas Instruments IC etc.
"Technically, that doesn't mean there are no other ICs in that design.
There is certainly a big-ass FPGA in there, acting as a sort of controller for the ladder.
"To get a better idea of how an FPGA ladder DAC looks, it's similar to this Soekris DAC PCB"
This is NOT the Baltic 4, but perhaps similar
Lukasz is a fan of converting PCM to DSD, similar to the PS Audio DirectStream that "converts every one of its galvanically isolated input signals, both PCM and DSD, to a high sample rate 50 bit version which is further converted to pure DSD for its final conversion to pure analog."
6Moons has a older 2015 review of the Golden Gate DAC, the article also has an interview with Lukasz
http://6moons.com/audioreviews2/lampizator/1.htmlThis might be difficult yet I'm sure many people would like to know the best sound you've heard and where it happened."I remember a few cases where I felt totally immersed to swim in the music. One was with our Polish ESA speaker manufacturer’s demo room, with their top ATC driver open baffle speakers with Tact Millennium amps and Micromega Duo transport. Another was with an Audiomeca Mephisto transport,
Audio Note DAC5 and Verdier 845 mono amps driving DIY Altec Lansing speakers. The third one was with my Golden Gate DAC driving 211 mono amps and Destination Audio Polish hornspeakers. Another was with my Big 7 with some big push-pull KT150 monos driving the biggest Apogee speakers. Another had a top mbl system. Last but not least were Kondo monos driving Tidal La Assoluta speakers with my Golden Gate DSD and our own DSD-Komputer source."
"Only a machine like this can flawlessly convert any high-resolution PCM file to DSD 128 on the fly, in real time and without hiccups. So the addition of our Komputer makes your Redbook collection playable as DSD and sounds significantly better in the context of our DACs."
If you plan to listen to older Redbook recordings then either DAC will work. I you want to listen to new hi-res, SACD rips or pure DSD downloads then the Audio Note ANK 5.1 does not play any of these formats, 24 bit/96 kHz is the limit.