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Heat a large soup pot over medium heat and add the oil. Once the oil is hot, add the chopped onion and cook for 10 minutes over medium-low heat until softened and translucent.
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Add the garlic and red pepper flakes. Stir and cook for another 2 minutes until the garlic is cooked through and fragrant.
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To the pot, add the asparagus, broth, water, salt, pepper and dill. Turn the heat to high and bring to a boil. Immediately, reduce the heat to medium-low and simmer, covered with the lid slightly ajar, for 30 minutes, or until the asparagus is fork tender.
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Turn off the heat and move the pot off of the hot burner. Mix in the coconut milk and lemon juice. Allow the soup to cool for 30 minutes.
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Use an immersion blender to blend the soup in the pot until creamy. Alternatively, work in 2-3 batches to blend the soup in a high speed blender.
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Return the pot to the stovetop and heat over medium for a few minutes until the soup is hot again. Serve and enjoy!