Does THETA run on Ethereum?

Could you kindly clarify whether THETA operates on the Ethereum blockchain? I've heard some discussions about it but am still a bit confused about the specifics. Is THETA a tokenized asset on the Ethereum network, or does it have its own independent blockchain? I'm trying to understand the technical architecture behind it and how it fits into the larger crypto ecosystem. Would you mind explaining this to me in detail? Thank you for your assistance in clarifying this matter.