Is Livepeer on Ethereum?

Could you please clarify for me whether Livepeer is actually based on the Ethereum blockchain? I've heard some rumors about it being integrated with Ethereum, but I'm not entirely sure. I'm interested in understanding the technical details behind this, as it seems to have a significant impact on the platform's scalability and interoperability. Could you enlighten me on this matter? It would be greatly appreciated. Thank you in advance for your assistance.