Definately don't do it straight on production - or if you do, schedule downtime and create a snapshot to easily revert.
Upgrading from version 2.0.13 to 3.1.0 what needs to be modified
You need to recompile Phalcon. Also check your dependancies don't have a requirement of Phalcon 2 (usually in their composer.json
file, or maybe README notes, but that's project specific)