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I am wondering how the life cycle of a ERC20 token operates. Say at stage 1 an ERC20 token 'anytoken' is created along with a proposed road map of desired future development for 'anytoken'. After some further development, at stage 2 'anytoken' modifications have been made and are ready for release. How technically can the new modified smart contract code for 'anytoken' replace the existing one without issuing 'anytoken1'. Or is the typical method to issue a new token, 'anytoken1' and allow users to convert?

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You can either do a token swap or have an upgradeable smart contract for your token ledger contract.

As a token swap example, also called migration, see Aave 2020 token swap.

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    Now I understand more, thanks. I also like this: openzeppelin upgrades. The section on Upgrades Governance is very informative... Upgrades Governance With the technical challenges of upgrades now behind us, it’s time to focus on governance. By governance, we refer to how the decision of upgrading a smart contract is made: from centrally and immediately by a single trusted party, or via a voting process among all stakeholders. Governance is critical to upgrades...
    – macmiller
    Commented Feb 10, 2021 at 0:46

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