Laravel 5.4 update

I have an existing application developed using laravel and wanted to update it from laravel 5.4 to laravel 7 or 8 , How can I do that ? Is it the only way to do it step by step 5.4 to 5.5, 5.5 to 5.6, 5.6 to 5.7 and so on

Or is there any easiest way of doing ?

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