Token migrations: preserve an economic unit history
A token migration can change the contract, symbol or unit convention without creating new economic ownership. Preserve a conversion history before comparing balances, supply or market values across the transition. The correct research unit is a dated claim connected by verified migration terms, not a ticker string that happens to remain familiar.
Polygon’s migration documentation provides a real example in which the route depends on the network and the documented conversion is one-for-one. It illustrates why chain and holding arrangement matter. Do not extrapolate its terms to other migrations or interpret this article as an instruction to connect a wallet.
Create an old-to-new identity bridge
Record the old network, contract and decimals beside the corresponding new fields. Add the effective date, conversion rule and evidence that the rule applies to the specific holding arrangement. Native balances, exchange custody, staked positions and bridged representations may require separate treatment.
Distinguish eligibility from completed conversion. A holder entitled to exchange old units has not necessarily performed that exchange. Likewise, a custodian’s announcement of support is different from a reconciled account balance. Preserve both the entitlement and observed settlement state so a migration is not silently treated as instantaneous for every holder.
The migration ledger should track old units submitted, new units received, old units still held, and any documented restrictions. A remaining old balance is not automatically an extra economic claim. Determine whether it remains redeemable, was locked, was burned, or represents a separate asset after the transition.
Hypothetical unit redenomination
Assume fictional Token Reed converts ten old units into one new unit. A holder exchanges 1,000 old units and receives 100 new units. A chart comparing 1,000 with 100 as a balance series would show a 90% decline while ignoring the conversion rule. That chart measures incompatible units.
Choose old-unit equivalents for this example. The 100 new units equal 1,000 old-unit equivalents under the stipulated rule. Store the raw quantities as well as the normalized quantity; otherwise a later reader cannot verify the transformation. This arithmetic does not establish equal market prices or uninterrupted liquidity.
Suppose 200 additional old units remain in a custody account whose migration status is unknown. Keep them in an unresolved row rather than assuming automatic conversion. If those same units appear in both old and new circulating-supply feeds, investigate duplication before adding the feeds. Every quantity in this example is hypothetical.
Migration continuity worksheet
| Field | Required evidence |
|---|---|
| Old and new identity | Network, contract, decimals and asset role |
| Conversion factor | Direction, effective date and applicable conditions |
| Holding arrangement | Self-custody, custody, staking or representation |
| Completion | Actual old debit and new credit where observable |
| Remaining old units | Continued rights, lock, burn or unresolved status |
| Normalized observation | Raw quantity, factor and selected common unit |
Write the formula direction explicitly: old-unit equivalents = new units × old units per new unit. Reversing the factor can produce a plausible-looking but incorrect series. Verify one small manual example before transforming a large history.
Keep economic differences visible
Normalization solves unit comparability, not all comparability. New governance rights, fee uses, transfer rules or eligibility limits may change the claim itself. Mark these breaks separately. Do not splice prices or supplies into a seamless economic series solely because a conversion ratio exists.
Freeze the pre-migration record and append the bridge. If terms change, add a new dated rule rather than replacing the earlier one. A useful memo states which holdings have reconciled and which remain pending. It avoids both false growth from duplicated units and false loss from a redenomination.
FAQ
Does the same ticker prove the contract is unchanged?
No. Verify network and contract identity independently of symbols or display names.
Does a fixed conversion ratio guarantee equal market value?
No. A conversion rule connects eligible units; market liquidity, execution and the rights of the replacement asset remain separate questions.