Do I understand proxy contracts correctly that when for example used on a token contract, the admin could deploy a function called „delete_balances“ to delete everyone’s tokens?

My understanding is that whoever is in control over it could point the proxy towards completely new logic. That basically gives absolute power over it.

If that is the case then why does a dapp like Aave has such problems coordinating users to it‘s V3? Couldn’t they in the end even enforce the update on anyone?

Or am I missing something?

The other open thing I don’t understand is what happens when old logic has caused a lot of data to be stored on the proxy (data is stored on the proxy right ?), then what happens if the proxy runs out of storage? AFAIK storage space is limited for each smart contract. Not talking about storage clashes and stuff like that here….

Thanks in advance for any help!