What is wrapped Axelar?

Could you elaborate on the concept of wrapped Axelar? I've heard the term being discussed in the cryptocurrency community, but I'm not entirely sure what it entails. Is it a tokenized version of Axelar, enabling it to be used on other blockchains? Or is it a specific financial instrument that leverages Axelar's technology? Clarifying its definition and potential applications would greatly help me understand its significance in the crypto and financial landscape.