Prepare the Compound Butter: In a mixing bowl, combine the softened butter, smoked Gouda cheese, chives, garlic powder, and onion powder. Mix well until all ingredients are thoroughly combined. Transfer the mixture onto a piece of parchment paper. Roll it into a log shape and twist the ends to seal. Refrigerate for at least 30 minutes to firm up.

Cook the Pancetta: In a skillet over medium heat, add the diced pancetta. Cook until crispy, about 5-7 minutes. Remove from the skillet and drain on a paper towel to absorb excess fat.

Prepare the Ribeye: Preheat the oven to 400°F (200°C). Season the ribeye steak generously with salt, pepper, and the crushed allspice. In the same skillet used for the pancetta, add olive oil and heat over high heat. Once hot, add the ribeye and sear for 2-3 minutes on each side until a golden crust forms.

Add the Pancetta: Once the ribeye is seared, remove it from the skillet and press the crispy pancetta onto the top of the steak to create a crust.

Bake the Ribeye: Transfer the steak to a baking dish and place it in the preheated oven. Bake for 6-10 minutes for medium-rare, or until the desired doneness is reached.

Rest and Serve: Remove the ribeye from the oven and let it rest for 5 minutes. Slice the compound butter into rounds and place it on top of the warm ribeye before serving. Serve with your choice of sides and enjoy!