Is Addressable meant to be used on top of Asset Bundles?

I get the feeling Addressables is designed to be extensible to almost any underlying IO model for maximum flexibility, but what is it's primary intended use from Unity? Is it still Asset Bundles? IE at it's core we still need to manage the lifecycle of asset bundle loading?

It's just not clear to me right now what the intended design model is.

Cheers.

 

I think Addressables will manage downloading the Asset Bundles for you.
How it does is a black box.

At this point I don't even know which asset bundles to put where in order to make that work.