Is Matic built on Ethereum?

I've been hearing a lot about Matic recently, and it seems to be gaining quite a bit of popularity in the cryptocurrency space. However, I'm still a bit unclear about its technical foundation. Could you clarify for me if Matic is indeed built on the Ethereum blockchain? I've read some conflicting information, and I'd like to get a professional opinion on this matter. If it is based on Ethereum, how does it leverage the capabilities of this platform to offer its unique features and advantages? And if not, what other blockchain technology does it rely on? I'm eager to understand the intricacies of this emerging cryptocurrency and how it fits into the larger ecosystem.