Heat the olive oil in a large frying pan over medium heat. Add the onions and cook, stirring frequently, until golden and softened.
Mix together half of the cheddar cheese with the cream cheese, sour cream, mayo, paprika, and garlic powder until well combined. Stir in the cooked onions. Spread in a medium baking dish. Top with the reserved cheddar cheese.
Bake for 25-30 minutes or until the topping is golden and the edges are bubbling. Serve with fresh veggies.
Nutrition: The nutrition table is set having ⅛th of the dip as one serving. There are 5 NET carbs per serving.