wLEO is a "wrapper" for LEO. LEO will "locked" on the Hive blockchain, and an equal amount of tokens created on Ethereum. Then it can be reversed, Ethereum wLEO tokens destroyed and the normal LEO unlocked.

So its just LEO, but a way to use it on a different blockchain. And the initial thing they are trying to do is get enough people to provide liquidity so LEO (in its wLEO form) can be traded on uniswap.