Steps to fix this dying game in my honest opinion.

1) Strip pet bonuses out of the game. Completely. If they don't do this, then their alternative is to add a lvl 60 quest that gives the best possible roll on an epic pet.

2) Remove fairfight and implement a similar system that nerfs players who aren't the same level as the monster they are fighting. World of Warcraft used to implement a similar system where each lvl below a monster the character was they would deal 5% less damage. I don't care about world bosses that much but it absolutely needs to be removed from dungeons.

3) The games progression system is horrible. Enchanting needs to be removed from this game entirely and it should be randomized loot with stronger and stronger values. If they don't do this, they could stabalize the progression and start the community fresh by implementing a legendary weapon system similar to the one found in World of Warcraft's Legion. I'm not fond of this system for many reasons but it fixes the current problems by giving everyone a relevant weapon instantly and allows them to consistently and controllably upgrade it without relying on bullshit RNG.

4) Fix the bullshit gem system somehow. Not sure how. Again some of this garbage just needs to be stripped from the game. You can cry about "What about all those poor people who spent thousands of dollars buying mesos" all you want but none of that will matter when the game has 200 active users and the servers get shut down because the community is tired of paying ridiculous amounts of money and investing an insane amount of time to earn a minuscule percentage of a chance to upgrade a gem.

The gem system could be implemented similar to the one that was in Diablo 3 where you can combine gems to make better gems.

5) Chaos Onyx, Fragments, Onyx, whatever should all be untradable and not transferrable between characters. Bound items shouldn't be able to be disenchanted on other characters. Ideally this would be an easy solution due to changes made from the #3 suggestion where they overhaul the progression system.