The Ubiquitin Conjugating Enzyme (E2) is a key component in the ubiquitin-proteasome system, which is crucial for protein degradation and turnover in eukaryotic cells. E2 enzymes are responsible for the transfer of ubiquitin from the E1 enzyme to the target substrate, facilitated by an E3 ligase. This process tags proteins for degradation, regulating various cellular processes, including cell cycle, DNA repair, and signal transduction.