Yes, Hyperledger is based on Ethereum. Ethereum is a public blockchain that allows for the development of decentralized applications (dapps). These dapps can be built on top of the Ethereum blockchain and run on a decentralized network of nodes. Hyperledger is a permissioned blockchain that enables enterprises to build private and permissioned networks.
Hyperledger is based on the Ethereum codebase and uses the same underlying technology. However, Hyperledger is not a public blockchain like Ethereum. Instead, it is designed for use by enterprises who want to create private and permissioned blockchains.