Are Axl and wAXL the same?

Axelar, as a cross-chain project, aims to enable seamless interoperability across multiple blockchains. To achieve this, the AXL token is designed to be utilized on various blockchains supported by Axelar. This allows for increased flexibility and utility of the token across different ecosystems.

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However, due to the silo nature of blockchains, AXL residing on different blockchains exists as a wrapped version known as wAXL. Wrapping tokens is a common practice in the crypto world, as it allows for tokens to be transferred and used on blockchains that do not natively support them.

The concept of wrapping tokens essentially involves locking the original tokens in a smart contract on one blockchain and minting an equivalent number of wrapped tokens on another blockchain. This process ensures that the total supply of tokens remains constant across all blockchains.

In the case of Axelar, wAXL represents the wrapped version of AXL on blockchains that do not directly support the native AXL token. This allows users to utilize the functionality and benefits of AXL on these blockchains, even though they do not natively support it.