Preheat your oven to 350°F (180°C). Grease and flour three 8-inch round cake pans.

In a large bowl, combine the flour, sugar, cocoa powder, baking powder, baking soda, and salt.

Add in the eggs, milk, oil, and vanilla and mix until smooth. Gradually stir in the boiling water until completely combined.

Pour the batter evenly into the prepared pans and bake for 30-35 minutes or until a toothpick comes out clean.

Once baked, let the cakes cool in the pans for 10 minutes before transferring them to wire racks to cool completely.

Beat together peanut butter, powdered sugar, and softened butter until creamy and smooth.

Assemble the cakes by layering them with peanut butter frosting and drizzling peanut caramel in between the layers.

To make the ganache, heat the heavy cream in a saucepan until it begins to simmer, then pour it over the milk chocolate chips in a bowl. Allow it to sit for a couple of minutes before stirring until smooth.

Pour the chocolate ganache over the top of the layered cake, allowing it to drip elegantly down the sides.

Allow the ganache to set before slicing and serving this rich beauty.