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1) Prepare Pressure Cooker: Heat up your pressure cooker (Instant Pot: press Sauté button) over medium heat. Ensure your pot is as hot as it can be (Instant Pot: wait until indicator says HOT).
2) Pressure Cook Caramelized Onion Purée: Melt 3 tbsp (45g) unsalted butter in pressure cooker. Add in sliced onions, shallots, ⅓ tsp (1.3g) baking soda. Sauté until moisture starts to come out of the onions (~5 mins). Close lid and pressure cook at High Pressure for 20 minutes, then Quick Release. Open lid.
3) Reduce until Caramelized (takes roughly 16 – 17 mins): There will be lots of moisture from the onions. Reduce until most moisture has evaporated over medium high heat (Instant Pot: press cancel, Sauté button and Adjust once to Sauté More function). Stir constantly with a silicone spatula. Once most moisture has evaporated, adjust to medium heat (Instant Pot: press cancel and Sauté). Stir until onions are deep golden brown and all moisture has evaporated. Season with kosher salt & ground black pepper to taste. Remove caramelized onion purée and set aside.