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Heat a medium saucepot over medium heat. Add onion and garlic and cook until beginning to brown and stick to the pan, about 4 minutes. Stir in 1/4 cup vegetable broth and thyme and cook until onions are translucent, 3 to 4 minutes. Add remaining vegetable broth, tomatoes, tomato paste, and pepper. Bring to a boil over medium-high heat, stirring occasionally. Reduce heat to medium-low and simmer 10 minutes to blend flavors. Remove from heat and use an immersion blender to blend until smooth. (Alternately, allow to cool slightly, and carefully purée in a blender.)
In a small bowl, use a fork to mash together avocado, lemon juice, basil and olives, if using. On each toast, spread avocado mixture evenly and garnish with additional basil, if desired. Serve soup with avocado toasts on the side.