Preheat your oven to 350°F (175°C). Grease and flour three 9-inch round cake pans to ensure an easy release later.

In a large mixing bowl, combine the all-purpose flour, cocoa powder, granulated sugar, baking powder, baking soda, and salt. Mix well to distribute the dry ingredients evenly.

Add the eggs, whole milk, vegetable oil, and vanilla to the dry ingredients, and mix until you have a smooth batter. Finally, stir in the boiling water; this will thin the batter making it easy to pour into the pans.

Evenly divide the chocolate batter among the three prepared pans. Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean.

Let the cakes cool in the pans for 10 minutes before transferring them to wire racks to cool completely.

To prepare the peanut butter frosting, beat together the creamy peanut butter and softened unsalted butter in a mixing bowl until it’s nice and creamy. Gradually add the powdered sugar and milk. Continue to mix until the frosting is smooth and spreadable.

Next, make the homemade peanut caramel by melting the granulated sugar in a saucepan over medium heat, stirring constantly until it becomes liquefied and golden brown. Carefully stir in the heavy cream and butter, then add the roasted peanuts. Mix well and let cool slightly.

To assemble the cake, start with one layer on a serving plate. Spread a generous amount of peanut butter frosting on top of the first layer, then drizzle with peanut caramel. Place the second layer on top and repeat the process. Add the third layer and top it off with more frosting.

To make the ganache, gently heat the heavy cream until it’s just hot (not boiling). Pour the hot cream over the milk chocolate chips in a bowl and let it sit for a minute. Then stir until the chocolate is completely melted and the ganache is smooth.

Finally, pour the ganache over the assembled cake, allowing it to drizzle down the sides. Let the cake set before serving.