Prepare two saucepans for the frosting.
In a large saucepan, combine 2 c granulated sugar, heavy cream, butter, and a pinch of salt.
Cook over medium heat until the mixture is close to boiling.
In a second saucepan, add 1/2 c granulated sugar.
Heat the sugar without stirring.
Gently shake the pan occasionally to move the sugar as it melts.
Continue heating until the sugar melts into a caramel syrup.
Carefully pour the caramel syrup into the large saucepan with the cream mixture.
Continue cooking over medium to medium-high heat until the frosting reaches the soft-ball stage, approximately 232°F on a candy thermometer.
Remove the saucepan from the heat.
Stir in the vanilla extract.
Allow the caramel mixture to cool for 15 minutes.
Using a hand mixer, beat the cooled caramel mixture until it reaches a spreadable frosting consistency.
If the frosting becomes too thick, add a small amount of heavy cream, one spoonful at a time, until the desired consistency is reached.
Place one cooled cake layer on a serving plate.
Spread a layer of caramel frosting over the top.
Place the second cake layer over the frosted layer.
Spread the remaining caramel frosting over the top and sides of the cake.
Allow the frosting to set before slicing and serving.