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Inside a TS-21
via brian c

"As you can see in the photo, this is the third unit produced. This unit is completely hand wired from point-to-point, and in EXCELLENT condition. This unit has an extra knob in the rear which is not mentioned in the owners manual, leading me to believe that this could possibly be an early prototype. The rear knob has an affect on the frequency of an oscillator, separate than the ones the L1 and L2 knobs control.
Metasonix has put its knowledge of tube circuitry to good use in the design of the TS-21. The unit is made up of three stages, each with its own tube: a preamp with a VCA, a pulse-width modulator (PWM), and an LFO-controlled waveshaper. Vacuum tubes are also used for the LFO and for powering additional circuits, giving you a total of five tubes in the device. Despite the tube count, however, the TS-21 has very low self-noise and gets only slightly warm to the touch.