diff --git a/examples/upgradeable/contracts/Box.sol b/examples/upgradeable/contracts/Box.sol
deleted file mode 100644
index 0c6cd7998..000000000
--- a/examples/upgradeable/contracts/Box.sol
+++ /dev/null
@@ -1,20 +0,0 @@
-// SPDX-License-Identifier: MIT
-pragma solidity ^0.8.9;
-
-contract Box {
-  uint256 private _value;
-
-  // Emitted when the stored value changes
-  event ValueChanged(uint256 value);
-
-  // Stores a new value in the contract
-  function store(uint256 value) public {
-    _value = value;
-    emit ValueChanged(value);
-  }
-
-  // Reads the last stored value
-  function retrieve() public view returns (uint256) {
-    return _value;
-  }
-}
diff --git a/examples/upgradeable/contracts/Demo.sol b/examples/upgradeable/contracts/Demo.sol
new file mode 100644
index 000000000..e30433e4c
--- /dev/null
+++ b/examples/upgradeable/contracts/Demo.sol
@@ -0,0 +1,9 @@
+// SPDX-License-Identifier: UNLICENSED
+pragma solidity ^0.8.9;
+
+// A contrived example of a contract that can be upgraded
+contract Demo {
+  function version() public pure returns (string memory) {
+    return "1.0.0";
+  }
+}
diff --git a/examples/upgradeable/contracts/DemoV2.sol b/examples/upgradeable/contracts/DemoV2.sol
new file mode 100644
index 000000000..1d5494c66
--- /dev/null
+++ b/examples/upgradeable/contracts/DemoV2.sol
@@ -0,0 +1,9 @@
+// SPDX-License-Identifier: UNLICENSED
+pragma solidity ^0.8.9;
+
+// A contrived example of a contract that can be upgraded
+contract DemoV2 {
+  function version() public pure returns (string memory) {
+    return "2.0.0";
+  }
+}
diff --git a/examples/upgradeable/contracts/Proxies.sol b/examples/upgradeable/contracts/Proxies.sol
index ee3734a87..4c4e8c723 100644
--- a/examples/upgradeable/contracts/Proxies.sol
+++ b/examples/upgradeable/contracts/Proxies.sol
@@ -1,5 +1,7 @@
 // SPDX-License-Identifier: UNLICENSED
 pragma solidity ^0.8.9;
 
+// We import these here to force Hardhat to compile them.
+// This ensures that their artifacts are available for Hardhat Ignition to use.
 import "@openzeppelin/contracts/proxy/transparent/ProxyAdmin.sol";
 import "@openzeppelin/contracts/proxy/transparent/TransparentUpgradeableProxy.sol";
diff --git a/examples/upgradeable/contracts/UpgradedBox.sol b/examples/upgradeable/contracts/UpgradedBox.sol
deleted file mode 100644
index 645e8744d..000000000
--- a/examples/upgradeable/contracts/UpgradedBox.sol
+++ /dev/null
@@ -1,24 +0,0 @@
-// SPDX-License-Identifier: MIT
-pragma solidity ^0.8.9;
-
-contract UpgradedBox {
-  uint256 private _value;
-
-  // Emitted when the stored value changes
-  event ValueChanged(uint256 value);
-
-  // Stores a new value in the contract
-  function store(uint256 value) public {
-    _value = value;
-    emit ValueChanged(value);
-  }
-
-  // Reads the last stored value
-  function retrieve() public view returns (uint256) {
-    return _value;
-  }
-
-  function version() public pure returns (string memory) {
-    return "2.0.0";
-  }
-}
diff --git a/examples/upgradeable/ignition/modules/ProxyModule.js b/examples/upgradeable/ignition/modules/ProxyModule.js
index c33ddcf36..805c75291 100644
--- a/examples/upgradeable/ignition/modules/ProxyModule.js
+++ b/examples/upgradeable/ignition/modules/ProxyModule.js
@@ -1,48 +1,85 @@
 // ./ignition/LockModule.js
 const { buildModule } = require("@nomicfoundation/hardhat-ignition/modules");
 
+/**
+ * This is the first module that will be run. It deploys the proxy and the
+ * proxy admin, and returns them so that they can be used by other modules.
+ */
 const proxyModule = buildModule("ProxyModule", (m) => {
+  // This address is the owner of the ProxyAdmin contract,
+  // so it will be the only account that can upgrade the proxy when needed.
   const proxyAdminOwner = m.getAccount(0);
 
-  const box = m.contract("Box");
+  // This is our contract that will be proxied.
+  // We will upgrade this contract with a new version later.
+  const demo = m.contract("Demo");
 
+  // The TransparentUpgradeableProxy contract creates the ProxyAdmin within its constructor.
+  // To read more about how this proxy is implemented, you can view the source code and comments here:
+  // https://github.com/OpenZeppelin/openzeppelin-contracts/blob/v5.0.1/contracts/proxy/transparent/TransparentUpgradeableProxy.sol
   const proxy = m.contract("TransparentUpgradeableProxy", [
-    box,
+    demo,
     proxyAdminOwner,
     "0x",
   ]);
 
+  // We need to get the address of the ProxyAdmin contrac that was created by the TransparentUpgradeableProxy
+  // so that we can use it to upgrade the proxy later.
   const proxyAdminAddress = m.readEventArgument(
     proxy,
     "AdminChanged",
     "newAdmin"
   );
 
+  // Here we use m.contractAt(...) to create a contract instance for the ProxyAdmin that we can interact with.
   const proxyAdmin = m.contractAt("ProxyAdmin", proxyAdminAddress);
 
+  // Return the proxy and proxy admin so that they can be used by other modules.
   return { proxyAdmin, proxy };
 });
 
+/**
+ * This is the second module that will be run. It upgrades the proxy to a new
+ * version of the Demo contract.
+ */
 const upgradeModule = buildModule("UpgradeModule", (m) => {
+  // Make sure we're account that owns the ProxyAdmin contract.
   const proxyAdminOwner = m.getAccount(0);
 
+  // Get the proxy and proxy admin from the previous module.
   const { proxyAdmin, proxy } = m.useModule(proxyModule);
 
-  const upgradedBox = m.contract("UpgradedBox");
+  // This is the new version of the Demo contract that we want to upgrade to.
+  const demoV2 = m.contract("DemoV2");
 
-  m.call(proxyAdmin, "upgradeAndCall", [proxy, upgradedBox, "0x"], {
+  // Upgrade the proxy to the new version of the Demo contract.
+  // This function also accepts a data parameter, which can be used to call a function,
+  // but we don't need it here so we pass an empty hex string ("0x").
+  m.call(proxyAdmin, "upgradeAndCall", [proxy, demoV2, "0x"], {
     from: proxyAdminOwner,
   });
 
+  // Return the proxy and proxy admin so that they can be used by other modules.
   return { proxyAdmin, proxy };
 });
 
+/**
+ * This is the third and final module that will be run.
+ *
+ * It takes the proxy from the previous module and uses it to create a local contract instance
+ * for the DemoV2 contract. This allows us to interact with the DemoV2 contract via the proxy.
+ */
 const interactableModule = buildModule("InteractableModule", (m) => {
+  // Get the proxy from the previous module.
   const { proxy } = m.useModule(upgradeModule);
 
-  const box = m.contractAt("UpgradedBox", proxy);
+  // Create a local contract instance for the DemoV2 contract.
+  // This line tells Hardhat Ignition to treat the contract at the proxy address as an DemoV2 contract.
+  // This allows us to call functions on the DemoV2 contract via the proxy.
+  const demo = m.contractAt("DemoV2", proxy);
 
-  return { box };
+  // Return the contract instance so that it can be used by other modules or in tests.
+  return { demo };
 });
 
 module.exports = interactableModule;
diff --git a/examples/upgradeable/test/BoxProxy.js b/examples/upgradeable/test/BoxProxy.js
deleted file mode 100644
index ad5b49afd..000000000
--- a/examples/upgradeable/test/BoxProxy.js
+++ /dev/null
@@ -1,23 +0,0 @@
-const {
-  loadFixture,
-} = require("@nomicfoundation/hardhat-toolbox/network-helpers");
-const { expect } = require("chai");
-const ProxyModule = require("../ignition/modules/ProxyModule");
-
-describe("UpgradedBox", function () {
-  async function deployFixture() {
-    const [owner, otherAccount] = await ethers.getSigners();
-
-    const { box } = await ignition.deploy(ProxyModule);
-
-    return { box, owner, otherAccount };
-  }
-
-  describe("Upgrading", function () {
-    it("Should have upgraded the proxy to UpgradedBox", async function () {
-      const { box, otherAccount } = await loadFixture(deployFixture);
-
-      expect(await box.connect(otherAccount).version()).to.equal("2.0.0");
-    });
-  });
-});
diff --git a/examples/upgradeable/test/ProxyDemo.js b/examples/upgradeable/test/ProxyDemo.js
new file mode 100644
index 000000000..a375120a4
--- /dev/null
+++ b/examples/upgradeable/test/ProxyDemo.js
@@ -0,0 +1,24 @@
+const {
+  loadFixture,
+} = require("@nomicfoundation/hardhat-toolbox/network-helpers");
+const { expect } = require("chai");
+
+const ProxyModule = require("../ignition/modules/ProxyModule");
+
+describe("Demo Proxy", function () {
+  async function deployFixture() {
+    const [owner, otherAccount] = await ethers.getSigners();
+
+    const { demo } = await ignition.deploy(ProxyModule);
+
+    return { demo, owner, otherAccount };
+  }
+
+  describe("Upgrading", function () {
+    it("Should have upgraded the proxy to DemoV2", async function () {
+      const { demo, otherAccount } = await loadFixture(deployFixture);
+
+      expect(await demo.connect(otherAccount).version()).to.equal("2.0.0");
+    });
+  });
+});