PROTACs are bifunctional molecules composed of two main components: a ligand that binds to the target protein and another ligand that recruits an E3 ubiquitin ligase. These two ligands are connected by a linker. When a PROTAC binds to its target protein and the E3 ligase simultaneously, it brings them into close proximity. This proximity facilitates the transfer of ubiquitin molecules from the E3 ligase to the target protein, marking it for degradation by the proteasome.