Can a Smart Contract Be Upgraded or Modified after Deployment?
Generally, an immutable smart contract cannot be directly upgraded. However, developers often use proxy patterns where a fixed "proxy" contract delegates calls to an "implementation" contract.
By changing the address of the implementation contract via a governance vote, the logic can be effectively "upgraded" while maintaining the same contract address.
Glossar
Implementation Contract
Execution ⎊ Implementation Contracts, within cryptocurrency and derivatives markets, define the precise conditions for automated trade settlement, mitigating counterparty risk inherent in over-the-counter (OTC) transactions.
Smart Contract
Code ⎊ The contract is fundamentally self-executing code deployed on a distributed ledger, embodying the terms of the agreement in an immutable format.
Proxy Patterns
Mechanism ⎊ Proxy Patterns, within cryptocurrency and derivatives markets, represent strategies employing intermediary assets or contracts to replicate the price exposure of a less accessible or liquid underlying instrument.