The bottom Hey in HaVaYaH is Malchut, meaning phase four, the complete manifestation of the act in the vessel of reception that has intensified to extend more abundance than its measure of expansion from Bina. (Baal HaSulam, “Study of the Ten Sefirot (TES)“. Vol. 1. Part 1. Inner Observation)

Question: What is the meaning of the fact that Malchut has intensified to extend more abundance and a greater measure of its expansion from Bina?

Answer: Malchut is a greater desire than Bina, as it is written, “the cow wants to nurse more than the calf wants to suckle.” This happens when the desire of the upper one to bestow is revealed more than the lower one wants to receive, and from this Malchut grows in its desire to receive in order to stay in contact with Keter.

Comment: But they are completely different.

My Response: It does not matter. One bestows and the other receives, but one serves the other. If Malchut has no desire to receive, who will receive from Keter? If there is no desire to bestow in Keter, then where will Malchut receive from? It does not matter that they are opposites. Opposites just complement each other.

Question: It is still unclear why Malchut and Bina are designated by the same letter.

Answer: The first Hey is Bina, and the lower Hey is Malchut. The desire to receive, in fact, operates in both, but in a different style. In Bina, it receives to reveal all the abundance from above, and in Malchut, in order to receive all this abundance.
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From the 2^nd part of the Daily Kabbalah Lesson 11/14/23, Writings of Baal HaSulam “Study of the Ten Sefirot”

Related Material:
Malchut That Wanted To Attain Keter
Between Malchut and Bina
Between Keter And Malchut

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