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Piggy-backed for double the resolution.

Four dacs made by Analog Devices make up the heart of the digital engine.  The 18 Bit AD-1860 DACs are stair-case style (R-2R) chips, which still outperform the so called bit-stream types in terms of dynamics.  Each channel is equipped with a pair of these converters, piggy-backed directly on top of each other.  No lewd comments please.
There are several ingenious benefits to this configuration:

Unlike transistors and tubes, dac chips create distortion that is random in nature.  By summing the signal from two converters, Monarchy has effectively cut the distortion in half, while increasing the dynamic range of the sound.

Direct soldering of the two sets of legs results in the shortest possible signal path - NONE!  
Thermal conditions remain identical between the two chips, thereby reducing anomalies in the waveform that may occur if the two chips were operating at slightly different temperatures.
Besides the dacs by Analog Devices (considered by many to be the best), the 18b utilizes other high quality chips from Burr Brown and Philips.  The digital input for example, is received by a particular Yamaha chip, about which Mr. Poon says:
"Probably exclusively in our industry, we use a 4th generation Yamaha receiver/decoder: the new YM3436D retrieves data from the CD several generations better than the old work horse, the venerable YM3623B, that almost everyone else used in the past. We know of no competitor using the new Yamaha in their DAC's."
3436 vs 3623 comparisons aside, you can be sure that he has selected the best components available.  However, converting the digital signal to an analog waveform is by no means the end of the task.  This newly created analog signal needs considerable hand holding before it is ready to leave the box.   So let's take a look at the analog circuit.

Analog allies...