TL;DR
A token migration is when a project replaces its existing token with a new one, requiring holders to swap old tokens for new ones, usually to upgrade the token’s functionality or fix issues.
Projects migrate tokens for several reasons: upgrading from SPL Token to Token-2022 for new features, changing tokenomics (adjusting supply, adding mechanisms), moving to a new token after a security incident, or rebranding. The old token becomes worthless after migration, so holders must swap to the new token within the specified window or risk losing their investment.
Official migrations use a swap portal on the project’s website where you connect your wallet and exchange old tokens for new ones, usually 1:1 or at a specified ratio. The project announces the migration through official channels with a deadline. Some migrations are automatic (airdropping new tokens to holders), while others require manual action. Always verify the migration URL through official sources.
Fake migration portals are a common phishing attack. Scammers create sites that look like the official portal but drain your wallet when you “swap.” Rules: only use links from the project’s official and verified Twitter/Discord. Never click migration links from DMs. Verify the new token contract address on the project’s official channels. If a random token in your wallet says it needs “migration,” it’s almost certainly a scam.