I think that The Awoken are humans that have immersed themselves in the Traveler's Magic. This immersion has"awoken" a part of our brain that was dormant; however, this immersion has weakened their physical bodies and also changed their appearance. Humans (as per usual) are this happy medium. They are the jack of all trades: good at everything, but great at nothing. They have access to the Traveler's Magic, but they haven't allowed it to define them. The Exos are cyborgs. They are part machine, part human. They are still connected to the Traveler, but not nearly as much as the other two races. The rely on their physical improvements to accomplish their goals. They are still human and have the same mental capacities and outlooks, but they have changed their body.
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I think this is the most likely scenario. It'll probably end up being a slight spectrum where stamina and magic trade off. Exo Warlocks will almost definitely still be possible, but awoken warlocks will probably be more powerful when it comes to the actual powers they can use.