Exit is minted as a reward token when a staking epoch is complete. All stakers in the epoch receive a TBD amount of EXIT.
The amount minted will depend on the amount of STAKE placed into the protocol. This percentage (eg for every $100 worth of STAKE = $1 in EXIT tokens) is flexible and will be determined by the team and community.
No, not through any centralized exchanges. EXIT will be created through the reward minting process. Users who acquire EXIT can then save it, send it to other users, or convert it to xDai. EXIT may be offered through decentralized exchanges (DEXs) if the market determines there is a value in this.
The amount of soft ETH in the reward contract provides the backing to support a stable valuation. For every $1 USD of EXIT that is minted, $2 USD worth of soft ETH is also added. The provides a large cushion to support fluctuating ETH prices.
Soft Ether provides a virtual overcollateralization method for creating the Stable EXIT coin. Since it is always at a 2:1 ratio (there is 200% of soft Ether relative to EXIT in the reward contract) the price of Ether can rise or fall dramatically without impacting the price of EXIT. When the price does rise or fall, the rebalancing feature maintains the ratio.
On an daily (configurable) basis, the contract calls an oracle which provides the current ETH price, and this price is inherited by soft ETH. If the price has dropped, more soft ETH is minted to match the 2:1 ratio. If the price has increased, the excess soft ETH is burned to maintain the same ratio.
EXIT is an algorithmically derived commodity, it's value and usage will be determined by the marketplace. It's virtual value is stable at 1:1 with the US Dollar.
As an ERC20 token, EXIT can be traded on DEXs, sent to wallets, used as a means of trade, and accommodate any other ERC20 functionality.