What chain is Loopring on?

Could you please elaborate on the blockchain platform that Loopring is built upon? Given the vast array of blockchains in the cryptosphere, it's important to understand the underlying technology that powers a particular project. Loopring, as a decentralized exchange protocol, is crucial for its users to know the specific chain it operates on for reasons such as scalability, interoperability, and security. Could you provide some insight into this matter, potentially highlighting its advantages or any unique features of the chosen blockchain?