How the Compound is obtained, made, synthesized, etc: it is made by the electrolysis of dry molten.
Where the Compound finds use: it is used for cleaning and disinfectant products, pain relievers, prevents blood clots, fuel cell production, water treatment, giving food the characteristic crunch, food preservatives, wood and paper products, explosives, etc.
Solutions of sodium hydroxide are made by adding the solid compound to water, and never water to the solid. The reason is that large amounts of heat are generated when sodium hydroxide dissolves in water. That heat is absorbed by water, but would not be absorbed by solid sodium hydroxide.
A popular food in Scandinavian countries, lutefisk, is made by soaking dried fish in sodium hydroxide until it turns into a jelly. The jelly is then soaked in water for several days to remove the poisonous lye.