Heat a medium saucepan over medium heat.
Add the minced onion and a small drizzle of olive oil. Cook for 3–4 minutes until softened.
Add the minced garlic and cook for another 30 seconds, until fragrant.
Add the cherries, ketchup, apple cider vinegar, balsamic vinegar, brown sugar, honey, Worcestershire sauce, Dijon, molasses, smoked paprika, onion powder, garlic powder, cayenne, salt, pepper, and water.
Stir until everything is well combined. Bring the sauce to a gentle simmer
Reduce the heat to low and cook uncovered for 20-25 minutes, stirring occasionally. The cherries should become very soft and the sauce should thicken.
Remove from the heat and let cool for a few minutes. Transfer to a blender or use an immersion blender, and blend until smooth.
Taste the sauce and adjust as needed.For more sweetness: add a little honey or brown sugar.For more tang: add a splash of apple cider vinegar.For more smokiness: add another pinch of smoked paprika.For more heat: add cayenne or a pinch of red pepper flakes. Allow the sauce to cool completely before transferring it to an airtight mason jar. Store in the refrigerator for up to 1 week.