Is AVAX related to Ethereum?

Could you elaborate on the relationship between AVAX and Ethereum? I've heard some discussions about their potential connections but I'm still a bit unclear about the specifics. Is AVAX somehow linked to the Ethereum blockchain? Or is it a standalone project with its own unique features and functionalities? I'm interested in understanding how these two projects might intersect, if at all, and what potential implications this might have for investors and the broader crypto ecosystem. Could you provide some insights into this matter?