People say contracts can’t be changed after deployment, so why can some projects still be upgraded?
When upgrading, an account with upgrade privileges changes the proxy contract to point to a new logic contract. The address used by users stays the same, but the logic being executed changes. Once an Ethereum contract has been deployed, its bytecode itself cannot be modified; projects that can be upgraded generally do so using the proxy pattern.
Many protocols give upgrade privileges to multisig wallets or governance votes, and then set a timelock. Upgrades are announced for several days before taking effect, giving users time to withdraw.
The coin mentioned in this article: $ETH reported 2229.95 (24h -7.87%).
#ETH
When upgrading, an account with upgrade privileges changes the proxy contract to point to a new logic contract. The address used by users stays the same, but the logic being executed changes. Once an Ethereum contract has been deployed, its bytecode itself cannot be modified; projects that can be upgraded generally do so using the proxy pattern.
Many protocols give upgrade privileges to multisig wallets or governance votes, and then set a timelock. Upgrades are announced for several days before taking effect, giving users time to withdraw.
The coin mentioned in this article: $ETH reported 2229.95 (24h -7.87%).
#ETH