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Exploring Options: Can the Name and Symbol of an ERC20 Token be Upgraded? 🚀 Seeking insights from the crypto community! 💡Considering a potential upgrade for our ERC20 token's name and symbol. Any guidance or experiences with this process? Share your knowledge and let's navigate this together! 🌐

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TLDR : Usually no, but you could if you thought it through before deploying the contract.

Typically, the name and symbol of an ERC20 contract are set at or before deployment. In most if not all existing implementations of the ERC20 standard (like Openzeppelin's one), there is no function to change the name/symbol after deployment. One could have added a function to do it, something as simple as

function updateMetadata(string calldata newName, string calldata newSymbol) external onlyOwner() {
  _name = newName;
  _symbol = newSymbol;
}

would do the trick, and if your contract is set up behind a proxy, simply upgrading it to a new contract with the name and symbol changed accordingly would work too.

Let's assume that's not the case. Your only option left is migrating to another contract. That implies creating another ERC20 contract with the required changes, and figuring out a way to get the new token's supply to the old token's holders, and the old token's liquidity to the new token's LP. As for the exact process, it heavily depends on the specifics of your project and there are as many methods than there are projects out there.

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