Combine boiling water and lentils in a bowl and set aside for 1 hour. Combine texturized vegetable protein and broth in another bowl and set aside until liquid is absorbed.

Heat olive oil in a stew pot over medium heat. Sauté onion, carrot, celery, red bell pepper, and hot pepper until onion is translucent, 5 to 7 minutes.

Add drained lentils and undrained texturized vegetable protein. Stir and add oregano, bay leaf, and red wine. Stir for 1 minute then add tomatoes. Simmer ragu until thickened and lentils are soft, 5 to 10 minutes, adding water as needed.

In a saucepan, bring vegetable broth, water, and salt to a boil. Reduce the heat and whisk in polenta slowly to prevent lumps. Cook while stirring constantly for 10 minutes. Add vegan butter.