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Bring water to a rolling boil over high heat. Add salt. Slowly and carefully whisk in polenta into water until fully incorporated. Reduce heat to medium-low and continue to whisk until polenta becomes very thick, about 10 minutes.
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Stir in butter, parmesan and black pepper. Mix well.
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Add feta and basil, stir until just mixed in.
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Transfer polenta to a greased 9" x13" and chill until cold throughout (let cool to room temperature and then chill in refrigerator for at least 30 minutes).
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Preheat boiler to high.
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Flip chilled polenta out onto a cutting board and moving across the long edge of the polenta, slice into 1/2" wide pieces. Cut 1/2" pieces in half.
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Transfer to a baking sheet lined with parchment paper and brush with olive oil. (Do not crowd baking sheet as the fries will steam versus toast. Use 2 baking sheets if necessary).
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Place rack 6-8" away from broiler and broil for 10-15 minutes, rotating once halfway.
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Remove from oven and serve with dip.