I never listened to Topping DAC but I listened to SMSL dac many times.
my experience was 100% positive with $200 SMSL dac at it’s price range.
My opinion is Topping, SMSL, … are game changers in low price solidstate dacs.
I think SMSL dac is not gray or flat, SMSL has very clean and controled sound, the depth and 3d image is not perfect but it is not 100% flat.
The main limits of SMSL is bass, dynamics and micro texture of midrange (texture is not pure) but you should remember this dac is just $200.
You can not expect perfect sound from $200 dac.
my experience was 100% positive with $200 SMSL dac at it’s price range.
My opinion is Topping, SMSL, … are game changers in low price solidstate dacs.
I think SMSL dac is not gray or flat, SMSL has very clean and controled sound, the depth and 3d image is not perfect but it is not 100% flat.
The main limits of SMSL is bass, dynamics and micro texture of midrange (texture is not pure) but you should remember this dac is just $200.
You can not expect perfect sound from $200 dac.