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BNB is the native currency on the Binance Smart Chain. While it can be traded universally, within Binance Smart Chain it is limited in cross platform trading, because BNB does not conform to the BEP20 standard. This standard allows for tokens native to the Binance Smart Chain to be traded with other applications. The wBNB tokens conform to the BEP20 standard, thus facilitating for BNB tokens to be "wrapped" to serve this purpose.
A wrapped token is a blockchain token that pegged to the value of real-world assets such as real estate, equity shares, or even gold. The term "wrapped" is called so because the original asset is placed in a "wrapper" that makes it possible for the wrapped digital version can be traded on a blockchain. A benefit of a wrapped token is fractional purchasing of more expensive assets. In the case of a wBNB, a native BNB token is wrapped for trading outside the confines of the Binance Smart Chain.
wBNB tokens are pegged 1:1 with Binance Smart Chain native tokens, BNB. The wBNB tokens can be unwrapped if necessary. Tokens can be wrapped in the Binance Smart Chain, through a process that is explained in depth on the site. Overall BNB and wBNB are the same token with different purposes. The wrapped token can be traded between all cryptocurrency platforms at a fair rate to the native BNB.
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