Slice the onions to about 1/8 of an inch thick.
Heat a large skillet over medium low heat and when it's hot, add the olive oil and butter.
Once the butter has melted, add the onions, tossing them in the oil and butter until coated. Cook them slowly (you may need to turn your heat to low, depending on your element - every stove is different), stirring every few minutes until the onions soften and begin to turn golden brown.
When the onions are very soft and light brown, add the garlic, salt and pepper. Add the wine and deglaze the pan by scraping up any brown bits off the bottom of the pan. When the onions are done, transfer them to a plate and set them aside.
To a large bowl, add the cream cheese sour cream, Worcestershire sauce, salt and pepper, garlic powder, onion powder, paprika, thyme, Sriracha and chives.
Stir the dip mixture together very well, by hand or using a hand mixer if desired.
Reserve about 2 tablespoons of the caramelized onions (for topping) and mix the rest of the onions into the dip mixture very well until combined.
For serving, add the dip to a bowl and place the caramelized onions on top with some additional chopped chives, if desired. To serve later, refrigerate the dip (covered) until ready to serve.