How to upgrade Phalcon 2.0.8 to 3.0.1?

I'm using Phalcon 2.0.8 with php 5

How to upgrade it to 3.0.1?

should I update php 5 to 7 first? And if I update Phalcon 2.0.8 to 3.0.1, will my phalcon 2.0.8 applications still work?

edited Oct '16

Check blog post about changes in 3.0.0 - there are written deprecated things too.

To update it just install it as usual from repository or using apt or yum.

If you will update your code - then it will work.

Well if you want to use php 7 - then yes, update to php 7 first.

Test your app first. This is a major upgrade. I would vote for PHP 5.6 and latest Phalcon 3.0.x. I use that combo and it works perfectly.