In a medium mixing bowl, combine 1 cup of mayonnaise, 2 tablespoons of water, and 2 tablespoons of ketchup or tomato paste. Use a whisk to blend until smooth and creamy, roughly 1-2 minutes.

Next, add 2 tablespoons of melted butter, 1 teaspoon of garlic powder, 1 teaspoon of sugar, and 1 teaspoon of paprika. Stir well, which should take about another 1-2 minutes.

Cover the bowl with plastic wrap or transfer to an airtight container. Place in the refrigerator for at least 6 hours; preferably overnight.

After chilling, if the sauce is too thick, stir in an additional tablespoon of water gradually until desired consistency is reached.

Serve as a dipping sauce for shrimp, drizzled over grilled meats, or on stir-fried vegetables.