An Upgradeable Contract is a type of smart contract that allows for changes or improvements after it has been deployed on the blockchain. This capability is essential as it helps address issues like bugs, security vulnerabilities, or the need for new features without requiring a complete overhaul.Typically, upgradeable contracts use a proxy pattern. In this approach, a proxy contract acts as the interface through which users interact, while the logic of the contract is separated into a different implementation contract. When an update is necessary, the proxy can be directed to a new implementation, ensuring continuity and preserving the existing state and data.While upgradeable contracts provide flexibility and adaptability, they also raise concerns about centralization and trust. Since a specific entity usually controls the upgrade mechanism, it can potentially lead to abuses if not managed transparently. Therefore, the design and governance of these contracts are critical to maintaining trust in the system.