Ingredients

• 1/2 cup fish sauce
• 1 1/2 cups sugar
• 1/4 cup Thai crab or shrimp paste with bean oil
• Peanut or vegetable oil (for frying; about 10 cups)
• 1 cup all-purpose flour
• 1 teaspoon baking powder
• 1 1/2 cups cornstarch, divided
• 1/2 cup vodka
• 2 pounds chicken wings, tips removed, flats and drumettes separated
• Kosher salt
• Freshly ground pepper
• 1/4 cup chopped salted, roasted peanuts
• Fresh cilantro leaves with tender stems (for serving)
• A deep-fry thermometer

Instructions

1. Bring fish sauce to a boil in a medium saucepan and cook until reduced almost by half (it will darken and become pungent), about 5 minutes. Stir in sugar and fit saucepan with thermometer. Cook until thermometer registers 230°F (mixture will become thick and dark). Whisk in crab paste and 1 tablespoons water until smooth. Reduce heat to low; keep warm until ready to dip wings.
2. Fit a large pot with clean thermometer and pour in oil to measure 2". Heat over medium-high heat until thermometer registers 350°F.
3. Meanwhile, whisk flour, baking powder, and 1 cup cornstarch in a medium bowl. Whisking constantly, gradually add vodka and 1 3/4 cups water, adding more water if batter is too thick (it should be slightly thinner than cream but thicker than milk).
4. Place remaining 1/2 cup cornstarch in a shallow dish. Season chicken with salt and pepper and dredge in cornstarch, shaking off excess.
5. Working in 3 batches and returning oil to 350°F between batches, coat chicken in batter, letting excess drip back into bowl, and fry until skin is golden and chicken is crisp and cooked through, about 5 minutes. Transfer to a wire rack set inside a baking sheet to drain. Using tongs, add hot wings to warm caramel, turn to coat, then transfer wings to a platter. Serve wings topped with peanuts and cilantro.
6. Caramel sauce can be made 3 days ahead. Keep airtight at room temperature. Reheat before using.