Clear DefinitionsUpgradeable Contract
Pronunciation
[uhp-greyd-uh-buhl kon-trakt]
Analogy
Think of an app on your phone. An 'Upgradeable Contract' is like that app: you interact with the same app icon (contract address) and your data (state) remains, but the developers can push updates in the background to fix bugs or add new features (update the logic).
Definition
A smart contract system designed to allow its underlying logic to be modified or updated after deployment, while preserving its state (data, balances) and public address. This is typically achieved through patterns like proxy contracts.
Key Points Intro
Upgradeable contracts provide a mechanism to evolve smart contract functionality post-deployment.
Key Points
Designed to overcome the inherent immutability of standard smart contracts.
Allows for bug fixes, feature additions, and protocol enhancements without requiring users to migrate to a new contract.
Most commonly implemented using proxy patterns (e.g., Transparent Proxies, UUPS) that separate logic and state.
The upgrade mechanism itself is a critical component and must be secured.
Example
A decentralized autonomous organization (DAO) might use an upgradeable contract for its treasury management. This allows the DAO to update the rules for how funds are spent or managed via governance proposals, without losing the funds or changing the treasury's address.
Upgradeable Contract - Related Articles
No related articles for this term.