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Melt the butter in a fry pan over medium heat.
Add the onions, salt, pepper, onion powder and cayenne pepper. Cook for 5 minutes, stirring. Then reduce the heat to medium low and cook for 20 to 25 minutes, stirring occasionally. The onions should be sweet and golden. Remove from stove and allow to cool.
Place the cream cheese, sour cream and mayo in a bowl, mix until smooth (use microwave in 10 sec bursts if needed to assist)
Add the caramelised onions. Mix until just combined. Refrigerate at least 2 hours to allow flavours to develope, overnight is better!
Serve at room temperature, garnished with chopped chives if desired. Best served with crinkle cut plain potato chips!