Heat oven to 335º F and prepare 7 6" x 2" pans by lining them with parchment paper.
Mix together half of total buttermilk with 170 ml of oil and set it aside.
Combine the wet ingredients in a mug/bowl- buttermilk, egg whites, and vanilla together, whisk to break up the eggs and set aside.
Combine dry ingredients- flour, sugar, baking powder, baking soda and salt in the bowl of a stand mixer, attached with paddle attachment and mix for a few seconds.
Add softened butter to the dry ingredients and mix on low until the mixture resembles coarse sand.
Add in milk/oil mixture and mix until ingredients are moistened. Increase speed and mix for 2 full minutes to develop the cake's structure. Don't skimp on this step. Your cake could collapse if not fluffed well at this stage. Scrape down the sides of the bowl as needed.
Next, pour in egg white/milk mixture in three batches, letting the batter mix for 15 seconds between batches. Give a final mix using a spatula to make sure everything has been incorporated well.
Now divide batter into 7 bowls equally. A weighing scale comes in super handy for this step. Color each bowl with your neon/electric food colors. I used 1 teaspoon neon pink for the pink layer, ½ teaspoon neon orange for orange layer, ½ teaspoon yellow for yellow layer, ½ teaspoon green for green layer, ½ teaspoon tiffany for blue layer, ½ teaspoon neon purple for the purple layer and ½ teaspoon red for the red layer.
Bake for 15-20 minutes or until the edges start pulling away from the cake pan and the cakes pass toothpick test. Take cakes out of the oven and tap pan on the countertop to release any steam. This will prevent the layers from shrinking. If you don't have so many pans, bake cakes in 2-3 batches. Wash, dry and prepare pans again before baking the second batch.
Allow the cakes to cool down for a few minutes inside the pan before flipping them out. They will shrink slightly. Allow to cool completely on a wire rack before frosting.
Once the cakes are cooled, begin layering the cakes with chocolate filling and quickly chill it. Then crumb coat whole cake with a thin layer of buttercream. Allow the crumb coat to set in refrigerator for about 30-45 minutes. Then frost with buttercream frosting and create swirl effect on the cake with the back of a spoon. place the cake back into the fridge for 15 minutes before you apply rainbow swirls and border on the bottom.
Finish the cake with rainbow decorations, sprinkles and glittery maraschino cherries.