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Melt the butter on medium-low heat in a skillet, and add the onion. Cook while occasionally stirring for 5 minutes or until softened and fragrant. Stir in the garlic and cook for 30 more seconds.
Add the corn to the skillet, along with the green chiles, salt, cumin, oregano, and cayenne. While occasionally stirring, cook the corn with the peppers and seasonings until softened, about 5 minutes. Taste and adjust seasonings. Turn off the heat.
Spoon the corn mixture into a mixing bowl, then add the sour cream, mayonnaise, shredded cheese, cilantro, lime juice, and hot sauce. Stir until well blended, then taste and adjust seasonings.
Cover and chill for 2 hours before serving. Serve cool with corn chips.