Is AAVE based on Ethereum?

Could you please elaborate on the relationship between AAVE and Ethereum? I'm interested in understanding whether AAVE is indeed founded on the Ethereum blockchain. Could you provide some insights into how AAVE leverages the features and functionalities of Ethereum? Also, are there any specific advantages or disadvantages of AAVE being based on Ethereum that you could highlight? It would be helpful if you could give a brief overview of the technical aspects involved in this relationship. Thank you for your assistance in clarifying this matter.