Moondrop Moon River 2

Review Date: 15 April 2022


DAC: Dual Cirrus Logic CS43198
Headphone Ports: 3.5mm Single-ended and 4.4mm Balanced.
Power (3.5mm Single Ended): 2 Vrms
Power (4.4mm Balanced): 4 Vrms
Frequency Response Range: 6Hz-85kHz(±1dB).
Background Noise(4.4mm): 1.5uV(AES17 20K Hz).
Background Noise(3.5mm): 1.2uV(AES17 20K Hz)
SNR(3.5mm): 123dB(A-weighted).
SNR(4.4mm): 131dB(A-weighted).
Line-Out(3.5mm): 2Vrms(High-gain), 1.4Vrms(Low-gain).
Line-Out(4.4mm): 4Vrms(High), 2.8Vrms(Low).

IEMs and Earbuds:

  • Etymotic ER4SR (Single BA, 45 Ohm, 96db Sensitivity)
  • Shure KSE1500 (Single Electrostatic 200V, KSA1200 Energizer)
  • Kinera Idun Golden (3BA + 1DD Hybrid, 32 Ohm, 112db Sensitivity)
  • Tripowin HBB Olina (Single DD, 32 Ohm, 110db Sensitivity)
  • VE ZEN 2.0 SLQ (Single DD, 320 Ohm)
  • VE Monk GONE SPC


  • FOSTEX T40RP MK3 (Magnetic Planar, 50 Ohm, 91db Sensitivity)
  • Beyerdynamic DT880 (Dynamic Drivers, 600 Ohm, 96db Sensitivity)


  • Windows 10, Foobar 2000 (USB 3.0 Power)
  • LG V50 ThinQ (UAPP USB Exclusive Mode, Bitperfect)
  • Sony Xperia X Compact (UAPP USB Exclusive Mode, Bitperfect)
  • HiBy Music Player App (USB Exclusive Mode)


Moondrop caused quite a stir in the Audio community (especially ChiFi) when words got out that they are releasing their first ever DAC/Amp dongle. Already immensely popular and successful in the IEMs segment, the anticipation for Moondrop flagship Dongle is probably one of the most exciting thing to happen in quarter 1 of 2022.

Named Moon River 2 (was there a Moon River 1?), it is set to enrich the premium Dongles option for the consumer. Seemingly at least two new models being released every month.

I must thank HiFiGo for their customary superb services in fulfilling my order with priority and sending me the unit literally the next day after they received it.

At the time of this review, I have already spent over 300 hours on my Moon River 2. Using it regularly – with all of my listening equipment.

Build, Functions, Usability

Moon River 2 introduced to the world with bold and unassuming design. Seemingly CNC machined from solid aluminum block, it offers unique angular design which reminded me a lot to Sci-Fi stuffs like Blade Runner etc. Some hint of Aztec ziggurat too, with the “sloping stairways” on one side. All finished in solid black powdercoat. Moondrop opted not to use any bling element here. Just spartan and bold design that I find very appealing.

As with the normal standard nowadays, Moon River 2 has two ports on one end – 3.5mm SE and 4.4mm BAL. The other end being USB Type C female, which will then allow for replacement of any USB C (OTG compliant) cables to be used. The stock cable included, is nothing like I have ever seen before. Totally transparent from plug to plug. Design wise I can appreciate the creativity here. In real life the cable itself looked beautiful and unique. However, I must say that Moondrop should have paid more attention towards conventional cable design instead – thicker and better shielded. You see, the cable being flat, it is also somewhat thinner than ideal. For one, I need to be careful to NOT subject that cable to excessive movement as it seems to be somewhat flimsy. Secondly, my Moon River 2 will pick up RF interferences a few times whenever my phone (which is my primary device for audio) experience fluctuations on the GSM/LTE/4G signals. And this can be bothersome when moving about. A better shielded cable would have been able to mitigate these two issues.

Moon River 2 has hardware volume adjusters on the left side. At first it confuses me a bit as the way they are designed, I thought it was a combo of slider and push buttons. However upon reading the manual, they are just two buttons – volume up and volume down. Unfortunately they are NOT independent. The buttons serve as remote control of the host volume.

Now. Personally I see two issues here with the volume adjusters. Issue number one, they are not as tactile as they should be. I need to press them slightly harder than normal to get it to shift to the desired levels. On top of that, the response seems to be sluggish as sometimes I need to press twice to get it moving. This is consistent on my two phones of LG V50 and Sony Xperia X Compact. It behaves similarly when connected to my laptop as well.

Secondly, the jump between volume levels are not refined. Jumping from volume of 6/32 to 7/30 on HiBy Music App will emit sudden surge in loudness that can be more than tolerable. The same can be said for usage on YouTube Music and Tidal App – both of which runs on Android stock SRC and honestly I find it annoying that the loudness levels exhibiting big gaps. The only way to mitigate this issue is to use UAPP or any custom ROM Android host which will allow for the user to define the volume steps. HiBy Music App can be configured to do finer adjustment too, by setting it to Software Volume mode (not automatic). Nonetheless, I had hoped that Moondrop would have paid more attention to this. Getting the ideal volume level is one of the major factor for enjoying music.

On the aspect of power drain, I am a bit surprised that Moon River 2 only manage to score 4 hours of usage from 100% to 1% on my Sony Xperia X Compact (2700 mAH battery, Android 8, Airplane Mode). Driving 32 Ohm IEMs. To make sure that this wasn’t a fluke, I run the test 3 times and the results remained the same. In comparison, Cayin RU6, iBasso DC05 scored 6 hours and the likes of xDuoo Link2 BAL and HiBy FC5 scored almost 7 hours. Ovidius B1 scored 10 hours!. The results will still be the same running on 3.5mm SE. All in all, it is below my expectation on this subject.

Last but not least, Moon River 2 does get a bit warm after 2 hours of usage. But this is absolutely normal for a Dongle of this specifications. Most DUAL DAC Dongles will exhibit similar behavior.

Sound Impressions

Let me put it this way. All the Cons on design and features I ranted earlier? all complaints gone when it comes to the sonic performances of Moon River 2. From the get go I was already impressed on how well it synergizes with my Etymotic ER4SR. The sound being truthfully neutral, natural and near organic – almost analogue.

There’s richness and proper weight in dynamic transients. The output is wholesome as it is properly dense. So very well balanced from end to end in the entire frequency range. No attempt to overdo any segment. Bass, Treble, Mids all sounding in harmony with fluid vibrancy that remains neutral, smooth and crisp.

Moon River 2 is totally free from any sort of coloration. It is also totally free from any element of Pinna Glare commonly heard from ESS Sabre devices. Moon River 2 does not exhibit any unsavory edginess or sizzle in the upper Mids or Treble. There’s no chance for the paired partners to end up being sibilant no matter how resolving and transparent they are. Such is the case with my ultra resolving Shure KSE1500 and the bright-ish Beyerdynamic DT880. The same can be said of my Tripowin Olina, which shines beautifully with that 4 Vrms of power from the 4.4mm BAL port.

On the other hand, Moon River 2 worked amazingly well with “warmer” sounding partners too. In fact I am hearing some of the best output coming from my Fostex T40RP MK3, Kinera Idun Golden and VE ZEN 2.0 – all of which are the more organic sounding unit natively. This is how a great and properly tuned DAC/Amp should behave, It does not care if the paired partners are bright or warm. This versatility and adaptability is probably one of the biggest strength of Moon River 2.

Technically, Moon River 2 is right up there with the very best of performers. It has wide spacious soundstage to equal xDuoo Link2 BAL and CEntrance DACport HD. There’s good sense of openness and space. The imaging being sharp and precise. Spatial stereo spread so holographic that when I was playing Fallout 76, using my open backed earbuds, I almost thought that the sound were from my surroundings.

Moon River 2 has the expected competencies when it comes to resolution, transparency and details. The limit set by what the paired partners can stretch. Which means on my KSE1500, the sonic performance is nothing short of breathtaking and mesmerizing. So very fluid and believable with no hint of artificial reproduction. It was effortless to track individual layers. The speed and resolution being clean and distinct.

It is also worth to note that Moon River 2 seems to be quite forgiving to Lo-Fi as well. With more than half of my songs collection being Black Metal and obscure music productions, I was actually surprised how well the combo of Moon River 2 + Kinera Idun Golden/Olina with those rough music/recordings.

Driving Power

Moon River 2 did not disappoints. That 4 Vrms of goodness is not just for show. It has the power even to drive my Beyerdynamic DT880 600 Ohm properly. The same can be said of Fostex T40RP MK3, both of which are super hard to drive.

Comparing Moon River 2 against my dedicated desktop DAC/Amp stack of iFi ZEN DAC V2 + ZEN Can, I will say that Moon River 2 performs close to 95%. The loudness alone more than enough with the volume set at 40/100 on my Windows 10 laptop, if I crank any higher and it can be very loud. But what’s more important, the output is rich and fluid. About the only thing that I would say the ZEN stack performs better would be the energy level and attack which appear more vibrant. Otherwise if not comparing side by side, Moon River 2 totally can serve as a worthy substitute.

The difference between 3.5mm SE and 4.4mm BAL thankfully is quite marginal. Which means that the sound quality itself is consistent on either port. However, especially for scalable pairing partners, the BAL will then exhibit crisper imaging, transients and openness. Loudness difference between the two ports are also marginal, with my Olina, I set it to 6/32 of volume on the 3.5mm SE, and 5/32 when switched to 4.4mm BAL.


All things considered, Moondrop lived up to the expectations with this Moon River 2. The key elements, Moon River 2 being so exquisitely well balanced to be neutral and organic – with some hint of analogue touches depending on which partner being paired. As I said earlier, the measure of a great DAC/Amp is that they don’t care what type of partners being paired to, be it warm or bright, it just works. Versatility is what makes a great source highly sought after. Moon River 2 also lived up to the 4 Vrms power rating, easily driving stubborn partners properly and satisfactorily. While at it, of course Moon River 2 being agile enough to be delicate with highly sensitive IEMs, totally free from any background noises.

What I do wish that could have been done better, the way Moon River 2 handle volume adjustments. The hardware buttons are not user friendly at all, and the step gaps between levels could use more refinement. Not forgetting less than impressive battery endurance at just 4 hours when competitors offers 6 hours objectively. Last but not least, Moondrop should have forgo the fancy transparent USB C cable and went for something more robust and less likely to get RF interferences.

Well, despite all the Cons which are all on features, I will say that Moon River 2 is among the best released this year yet. The sonic performances can easily make me forget any grouses, immersed in sheer sonic bliss we are fortunate to experience in such compact form factor nowadays.


  • Superbly well balanced neutral and natural sound
  • Top notch technical prowess
  • Great driving power
  • Highly versatile and adaptable to any partners


  • Clunky volume adjusters
  • Less than ideal volume loudness gap between levels
  • Battery drain to the host fell short of competitors
  • Stock USB Cable prone to RF interferences

⭐⭐⭐⭐½  ($189.99)

Best Pairing: Anything up to 600 Ohms

Back to #donglemadness


  1. SriV says:

    Great review Andy as always….now i am happy…even more with my purchase of L2B by seeing only 4.5 stars for this at this price…manybthanks again for your efforts.


  2. Rshrda says:

    Hi Andy,
    How is it compared to the top tier performers? Say the Ovidius B1? Would you ever consider using it personally on a day to day basis going forward?


    1. Andy.EF says:

      With DACport HD dominating my daily usage, fhe next most used dongles for me is RU6 and Abigail. B1 will fill in for DACport HD when I need more portability and conservation on battery drain


  3. Thanks a lot for the honest inputs Andy! Much appreciated! Thanks for the amount of work you put into this!


    1. Andy.EF says:

      My pleasure 😀


  4. laurent says:

    Hi Andy your articles are very relevant and objective your blog has revolutionized my fçaon to listen to my music, thank you for all long life to you


    1. Andy.EF says:

      Thank you. I am honored 😀


    2. Andy.EF says:

      Thanks Laurent!


  5. audiophobie says:

    What do you think of the price, compared to its peers? People said it’s a tad bit too expensive. What’s your thought?


    1. Andy.EF says:

      For the quality it is pushing, the price is fair. With very high standards exhibited by current releases, they have to do extra mile to stand out. And to me Moon River 2 is one of those that stand out with great sound output


  6. phpaschoal says:

    Hi Andy, thanks for the excellent review, as always.

    What do you think about the comparison, only sound quality, of MoonRiver 2 vs Link2 BAL.

    Would you say that one has a lot of advantage over the other? Is there any significant sound difference between them?

    I ask because the Link2 BAL is a little cheaper than the MR 2, and I’m considering buying one of the two.

    Note: I have the Ibasso i5 and I want to upgrade. Which one would you recommend?

    Liked by 1 person

      1. Andy.EF says:

        Compared against DC05?, Moon River 2 is a better unit surely. As you can see where Moon River 2 sits and where I placed DC05 on the ratings

        Liked by 1 person

      2. phpaschoal says:

        Hi Andy!

        Actually, the quote from Ibasso 05 was the correction of my first comment/question, which I think you didn’t see. The main question would be the comparison of Link2 BAL and Moon River 2.

        The Ibasso 05 is what I have today and I want to upgrade.

        Thanks for the excellent work.


  7. nordpolanton says:

    Hi Andi,

    thanks for your review!
    I have got the Questyle M12 and am quite happy with it (iPhone user). Would you say that the Moon River 2 is an audible upgrade (SE output only) compared to the M12? Even the slightest sound upgrade is worth for me, as most of your dongle in the 5star list are only for Android phones.

    Thanks, as always!


    1. Andy.EF says:

      M12 and Moon River 2 pretty much operate on similar level of sound quality, but the 3.5mm SE of Moon River2 is not as potent and M12. Actually if you check again, among my 5 Stars ranked dongles, xDuoo Link2 BAL natively supports iOS (it even comes with Lightning cable). So does Lotoo PAW S2 which is iOS friendly. I even heard many Cayin RU6 has been getting great compatibility with their iPhones


      1. nordpolanton says:

        Ah, thanks, I must have overseen that the xDuoo is ios compatible. As I already had Lotoo´s flagship DAP (LPGT titanium) in my posession (back then listening with the Focal Stellia headphones), I was somehow underwhelmed by its tuning. It was great for classical music, but everything else my good old exotic Calyx M DAP from South Korea (released 2014!!) was better in every single way (most realistic, analogue sounding). So that´s why I won´t opt for the PAW S2 😉
        I somehow don´t like the Cayin brand, don´t ask me why.
        So well, that´s why I think I will wait for your Questyle M15 review and if its single end output isn´t “better” then the M12´s SE output, I will definitely check out the xDuoo Link2 BAL!! Thanks again.


  8. pazos says:

    Hello Andy

    I ordered a moonriver 2 can’t wait to try it out. If you could only keep one dongle for the most holographic soundstage and best imaging which one would it be?



    1. Andy.EF says:

      If I have to choose one based on holographic imaging, it will still be xDuoo Link2 BAL. My Top 5 list remains the same still with CEntrance DACport HD keeping it regal for being the best of the best


      1. Pazos says:

        Thanks a lot for your answer is the moonriver2 far behind? I could still cancel my order and get the link2 b instea, it would also be cheaper.


      2. Andy.EF says:

        No I would not say “far behind”. These dongles are all already playing on very high quality levels and the differences between the top dogs are mostly very close. To buy or not to buy? I cannot make that decisions for you, I must remind everyone that #donglemadness is not a buying guide. It is an adventure of me trying out as many dongles I can get and share my experiences on them. You must account that #donglemadness is still subjected to personal preferences that is relative to me and as humans we tend to have different way of seeing things. What works for me may not work for others, vice versa


  9. Alex Cabral says:

    Thought you would love this one, it’s such a good dongle, remember we chatted about you not being able to get the gigabyte ESSential dac due to amazon not delivering to your country, but it pretty much sounds the same with a bit more coloration on the essential on the mids, but both are transparent and with excellent power. Looking forward for your Questyle m15 review, i was about to pull the trigger for it when I saw that you got it. Any early impressions in comparison to the m12


    1. Andy.EF says:

      Hi Alex, I do like Moon River 2, I would have not rated it 4.5 Stars if I am not impressed with it. Moon River 2 offers sound performances to deserve its placement. But I also want to be fair as I think the Cons with volume management and handling of Moon River 2 is below my expectations, not when we have something like Ovidius B1, DACport HD, RU6, S2 and Link2 BAL offering more refined experiences. To me, being able to adjust volume precisely to the desired levels are paramount to enjoying music. Not forgetting that Moon River 2 draining the battery as bad as DACport HD – but then DACport HD I can neglect the cons on battery because it is running Class A amplifier section, Moon River 2 does not use Class A, so it baffles me why it score less in this regard when something like B1 can do 10 hours. Lastly, the RF interferences cannot be ignored too.
      So far with Questyle M15, I am very impressed to say the least. But it will need to go through more extensive tests


  10. phpaschoal says:

    Hi Andy, thanks for the excellent review, as always.

    What do you think about the comparison, only sound quality, of MoonRiver 2 vs Link2 BAL?

    Liked by 1 person

  11. kmn140 says:

    Thanks for the great review! Bought this DAC based on its measurement graphs, it is definitely an excellent performer sound-wise and the build quality is great too. As mentioned in the review, the following points could be improved: 1) volume buttons (they have adequate response, but found them a little ‘loose’ in the casing), 2) included cable is a bit thin and fragile, 3) always starts in high-gain mode instead of the last-used mode, 4) indicator light is way too bright, always need to keep it facing away, and the color hue shifts depending on the viewing angle.

    Liked by 1 person

  12. amanieux says:

    is your star rating based on sound quality only ? because it is double the price of many other 4.5 stars dacs in your selection (like the colorfly cda m1 that has the eaxct same features) and don’t have a shielding issue.


    1. Andy.EF says:

      Not necessarily. In the bigger picture Moon River 2 is a better sounding unit that has richer density versus CDA M1, the cons of Moon River 2 being only functions that bothers me a lot. CDA M1 fell slightly short on outright power and will be leaner when subjected to heavier load. But really both are 4.5 Stars already and they are among the best one can hope for among many available nowadays. Sometimes it boils down to what pairing partners being used. However as noted Moon River 2 also has slightly better synergy with practically anything I have thrown at it while M1 will prefer natively “warmer” pairing


  13. phpaschoal says:

    What do you think, only sound quality, of MoonRiver 2 vs Link2 BAL?


    1. Andy.EF says:

      Both on equal terms for sound quality. Technically Link2 BAL has wider Soundstage


  14. Ben says:

    Hello Andy, what’s your opinion between moonriver2 and Hidizs s9 pro? Can’t decide which one I should get. (My gears: CA Andromeda, playing mostly out of iPad pro / Mac M1)


    1. Andy.EF says:

      Get xDuoo Link2 BAL, it’s better than both MR2 and S9 Pro, also it is more Apple friendly. But if you can only choose between S9 Pro and MR2, MR2 it is then, smoother and more organic than S9 Pro


      1. Ben says:

        Thank you for your super fast reply. I’ve just found the Link2 BAL for sale in my local store, will try it out soon! In fact I’ve been using iBasso DC-03 for few years and are looking for the upgrade. Link2 BAL should be a huge improvment right?


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