[Breaking News] Smart contract proxy upgradability provides developers with the possibility to update the logic of deployed smart contracts while retaining the contract state and address. This feature brings flexibility to fix bugs or add features, but also potential risks. Major DeFi protocols such as Compound, Aave, and Uniswap V3 have adopted upgradeable contracts, using their flexibility to advance the platform over time while ensuring their credibility through strict security measures and transparent operations. However, the ability to modify smart contract logic also introduces new potential exploits, with centralization risks and malicious upgrades becoming major concerns. Users should remain vigilant when interacting with DeFi protocols and carefully evaluate the risks and benefits of interacting with upgradeable systems.