What is a Binance wrapped dot?

Excuse me, could you kindly elaborate on what exactly a Binance Wrapped DOT is? I'm a bit unfamiliar with the term and how it fits into the broader cryptocurrency landscape. Is it a specific type of digital asset that's been tailored for use on the Binance platform? And if so, what are its unique features or advantages that make it stand out from other similar assets? Additionally, how does the process of wrapping DOT work, and what are the potential implications for users and the broader market? I'd greatly appreciate your insights on this matter.