A protocol changed its contract logic overnight. Are the assets users deposited still safe?
My understanding: Upgradability allows a project to fix vulnerabilities and launch new features. The trade-off is that users have to trust whoever holds the upgrade permissions not to make unauthorized changes or lose their private keys.
During an upgrade, an account with upgrade permissions changes which logic contract the proxy contract points to. The address users interact with stays the same, but the logic it executes changes.
Coin in the example: $ETH , current price 2418.42 (24h -3.52%).
My understanding: Upgradability allows a project to fix vulnerabilities and launch new features. The trade-off is that users have to trust whoever holds the upgrade permissions not to make unauthorized changes or lose their private keys.
During an upgrade, an account with upgrade permissions changes which logic contract the proxy contract points to. The address users interact with stays the same, but the logic it executes changes.
Coin in the example: $ETH , current price 2418.42 (24h -3.52%).