Preheat your oven to 350°F (175°C). Grease and flour an 8-inch round cake pan or line it with parchment paper.
In a large mixing bowl, combine the Greek yogurt and granulated sugar. Whisk until smooth and creamy.
Add the eggs, vegetable oil, and vanilla extract to the yogurt mixture. Whisk until well combined.
In a separate bowl, whisk together the baking powder, baking soda, salt, and flour. Gradually add this dry mixture to the wet ingredients, alternating with the milk. Mix until just combined; do not overmix.
Pour the batter into the prepared cake pan and smooth the top with a spatula.
Bake in the preheated oven for 25-30 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan for 10 minutes, then transfer it to a wire rack to cool completely.
Once cooled, dust the top with powdered sugar if desired, and slice to serve.