It's made from coconut butter!
The link has variations, as well as a recipe for a good frosting.

Coconut Butter Cake
1 cup honey
2 1/2 cups coconut butter
1/2 cup melted butter
1 1/2 teaspoon baking soda
1 T vanilla
10 eggs

Warm your coconut butter till it is soft. If your honey is solid, warm it also to make it back into a liquid. Preheat oven to 300.
Method for food processor:
Blend the coconut butter and honey. Add butter, baking soda, and vanilla and blend. Add in the eggs last and blend until smooth.
Method for Vitamix or other high power blender:
Put in eggs first then add the rest of the ingredients and blend until smooth.
Pour into a greased 913 pan or 2 greased 88 pans and bake for 40-50 min. It is done when a toothpick inserted in the center of the cake comes out clean.

It DOES seem like a lot of honey, but obviously you don't have to eat this three meals a day.
Whenever I make this fantastic base cake, I've always used homemade coconut butter, that I make by just blending unsweetened coconut flakes until they're pasty and smooth.
I found this while literally searching "coconut butter cake". I had run out of butter but really want a yellow cake, and thought that coconut butter had to be a fatty enough base for something.
It has a strong warm honey flavor, so if you don't like that, maybe some agave/stevia/maple syrup would be milder (or just use less).
I'll have to post the results of my now Paleo experimentation with this.