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1
Combine the warmed milk, water, and a pinch of the sugar in a bowl. Sprinkle the yeast over the surface and leave undisturbed for 8–10 minutes. The mixture is ready when a uniform foam covers the liquid — flat liquid means the yeast is spent; discard and begin again.
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2
In a large bowl, whisk together the flour, remaining sugar, and salt. Make a well in the centre. Pour in the yeast mixture and the beaten eggs. Mix until a shaggy dough forms, then work in the softened butter a little at a time. Knead — by hand or machine — until the dough is smooth, elastic, and pulls cleanly from the bowl's sides.
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3
Cover the bowl and leave the dough to rise at room temperature until doubled in volume. The dough is ready when a finger pressed 2 cm into its surface leaves an indentation that springs back slowly rather than snapping back immediately.
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4
Turn the dough onto an unfloured surface. Divide into portions of approximately 40 g each and roll each into a smooth, tight ball, pinching the seam firmly closed on the underside. Arrange on a lightly floured tray, spaced apart. Cover loosely and prove until noticeably puffed, roughly 30–45 minutes.
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5
This is where the dish lives or dies. Pour the oil into a deep, heavy pot to a depth of at least 8 cm. Bring to exactly 177 °C (350 °F) and maintain that temperature throughout frying. Too cool and the dough absorbs oil before the exterior sets, producing a greasy, leaden ball. Too hot and the crust chars while the interior remains raw. Working in small batches so the oil temperature does not drop, lower the balls gently into the oil. Fry for 60–90 seconds per side, turning once, until the exterior is a deep, even golden-brown. The colour is the test — pale gold is underdone, mahogany is past.
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6
Lift the malasadas from the oil with a spider or slotted spoon and drain for no more than ten seconds. Transfer immediately to a bowl of granulated sugar and roll to coat on all sides while the surface is still glistening with heat. The sugar must adhere in a dry, crystalline layer — if it dissolves into a syrup, the oil has pooled and the frying temperature was too low.
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7
Serve at once. The malasada is at its peak within minutes of leaving the oil: the exterior crisp and faintly crunchy, the interior soft, pillowy, and slightly chewy. Every minute beyond the hour is a concession. The malasada is a ticking clock disguised as a doughnut.