A protocol changes its contract logic overnight. Could this affect the tokens users have deposited?
My understanding: Many protocols put upgrade permissions under multisig or governance vote controls, and add a timelock. The upgrade is announced for a period of time before taking effect, giving users time to withdraw.
Once an Ethereum contract is deployed, its bytecode itself cannot be modified. Projects that support upgrades typically use a proxy pattern.
My current habit: Before depositing funds, I check on a block explorer whether the contract is a proxy contract, which address has upgrade permissions, and whether there is a timelock.
In the context of the current market: $ETH reports 2284.7, 24h +0.72%.
My understanding: Many protocols put upgrade permissions under multisig or governance vote controls, and add a timelock. The upgrade is announced for a period of time before taking effect, giving users time to withdraw.
Once an Ethereum contract is deployed, its bytecode itself cannot be modified. Projects that support upgrades typically use a proxy pattern.
My current habit: Before depositing funds, I check on a block explorer whether the contract is a proxy contract, which address has upgrade permissions, and whether there is a timelock.
In the context of the current market: $ETH reports 2284.7, 24h +0.72%.