Is Loopring built on Ethereum?

Excuse me, I was wondering if you could clarify something for me. In regards to the cryptocurrency and decentralized finance space, I've come across Loopring and I'm curious about its underlying technology. Specifically, I'm wondering if Loopring is built on the Ethereum blockchain? It seems to be gaining a lot of traction lately, so I'm eager to learn more about its foundation and how it fits into the broader ecosystem. Thank you for your time and expertise.