The biggest takeaway for me during this review testing period is that AKM is back with a bang. The new AK4499EX DAC is a true 2-channel flagship that can more than hold its own against some bespoke solutions, let alone others it's directly competing against. When this DAC was announced I understand a lot of brands were still hesitant to pick it up owing to ongoing supply chain issues and contracts with other providers. S.M.S.L, Gustard, Astell&Kern soon announced products and it was not much longer before TOPPING stepped into the fray with the E70 VELVET. I suspect there will be a TOPPING D90 VELVET (or equivalent) sooner than later, perhaps even with two of these DACs inside, but for now we do get a very good idea of what to expect even if it's quite hard to relate to unless you have heard two products with everything else the same except for the actual DACs used.

So imagine my delight then that I had first the TOPPING E70 and L70 here for a planned stack review as before, and then comes the E70 VELVET (E70V) a couple of weeks later. The E70 uses a slightly older, still more than capable ESS Sabre ES9028PRO DAC and is otherwise very similar to the E70V aside from the DACs and a slightly different power supply design. For the excellent feature set you get here, I can't help but recommend the E70 over the E70V given the price savings. Sure, $349 is already at the point where you will be considering all different options. Then comes the part where the matching L70 amplifier is another $349 and the combo costs $730 with the necessary interconnects, or $700 if you already have your own. This price tag brings in competition from the likes of HIFIMAN (R-2R DAC/amps), FiiO (K9 Pro ESS on sale), and many others. TOPPING also faces competition from within given its E50/L50 stack already offers a lot of value for money and there are the older A90-based stacks too. The E70/L70 stack still manages to feel modern and differentiates itself from the others previously covered so the combo merits a recommendation from me. But now we are at $730 to where I can't help but consider whether saving the extra $100 for the E70V is worth it. You do get a subjectively better sounding DAC, at least to my ears, although this remains a personal choice and hopefully this article will help with your purchase decision.