{
  "name": "example",
  "private": true,
  "version": "0.1.0",
  "description": "",
  "main": "index.js",
  "scripts": {
    "start": "./scripts/run",
    "build-prod": "NODE_ENV=production browserify index.js -o bundle.js",
    "test": "echo \"Error: no test specified\" && exit 1"
  },
  "browserify": {
    "transform": [
      "babelify",
      "envify"
    ]
  },
  "dependencies": {
    "@babel/core": "^7.0.0",
    "@babel/polyfill": "^7.0.0",
    "@babel/preset-env": "^7.0.0",
    "@babel/preset-react": "^7.0.0",
    "babelify": "^10.0.0",
    "browserify": "^16.2.3",
    "browserify-hmr": "^0.3.0",
    "envify": "^4.1.0",
    "http-server": "^0.11.1",
    "react": "^16.6.1",
    "react-dom": "^16.6.1",
    "react-hot-loader": "4.4.0-1",
    "ud": "^3.0.0",
    "watchify": "^3.7.0"
  }
}

{
  "name": "example",
  "private": true,
  "version": "0.1.0",
  "description": "",
  "main": "index.js",
  "scripts": {
    "start": "./scripts/run",
    "build-prod": "NODE_ENV=production browserify index.js -o bundle.js",
    "test": "echo \"Error: no test specified\" && exit 1"
  },
  "browserify": {
    "transform": [
      "babelify",
      "envify"
    ]
  },
  "dependencies": {
    "@babel/core": "^7.0.0",
    "@babel/polyfill": "^7.0.0",
    "@babel/preset-env": "^7.0.0",
    "@babel/preset-react": "^7.0.0",
    "babelify": "^10.0.0",
    "browserify": "^16.2.3",
    "browserify-hmr": "file:../",
    "envify": "^4.1.0",
    "http-server": "^0.11.1",
    "react": "^16.6.1",
    "react-dom": "^16.6.1",
    "react-hot-loader": "^4.12.15",
    "ud": "^3.0.0",
    "watchify": "^3.7.0"
  }
}

Use latest version of brwoserify-hmr and react-hot-loader
Use latest version of brwoserify-hmr and react-hot-loader
