Fill a small bowl with water and place it next to the stove. You’ll need it to deglaze the pot or pan later.
Heat the oil in a Dutch oven (or a large stainless steel sauté pan or skillet) over medium heat Once the oil is shimmering, add the onions and reduce the heat to medium-low.
From this point on, you’ll be spending a lot of time around the stove, monitoring and stirring the onions every 3 to 4 minutes (more often as you near the end of the cooking process).
Once the onions start turning light brown, and there’s significant brown spots stuck to the pan, reduce the heat to low. Use a wooden spatula to scrape off the brown spots (also known as a glaze).
After 30 to 40 minutes of cooking, the brown glaze at the bottom of the Dutch oven (or pan) can be incredibly difficult to scrape off. If that’s the case, you’ll need some water to help deglaze the pot or pan. Push the onions to the side, exposing the stuck-on brown glaze. Pour about 1 tablespoon of water over the glaze and use the spatula to distribute the water. Once the brown spots are no longer stuck to the pot/pan and the water evaporates, spread the onions over the pot/pan again. Deglaze as often as needed.
Keep stirring the onions every 2 to 3 minutes, until they turn into a rich brown color. The total cooking time for me is usually between 50 to 60 minutes.
Once the onions are done caramelizing, transfer them to a bowl and let them cool to room temperature.
In a bowl, use a fork to mash the miso into the butter. Then, use a spoon or silicone spatula to finish mixing the 2 ingredients together. Taste the miso butter and see if the flavor is to your liking. Feel free to add more miso if you want more savory flavor.
Add the caramelized onions to the butter and mix everything together until well incorporated. Enjoy!