Is Uniswap built on Ethereum?

Could you please clarify if Uniswap is indeed built on the Ethereum blockchain? I've heard a lot about decentralized exchanges and Uniswap seems to be one of the most popular ones, but I'm not entirely sure about its underlying infrastructure. If it is indeed built on Ethereum, could you elaborate on how this affects its operation and functionality? Additionally, are there any benefits or drawbacks to being built on Ethereum that Uniswap users should be aware of?