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Model versions, dbt_project.yml versions, and .yml versions

Take note that model versions are different from dbt_project.yml versions and .yml property file versions.

Model versions is a feature that enables better governance and data model management by allowing you to track changes and updates to models over time. dbt_project.yml versions refer to the compatibility of the dbt project with a specific version of dbt. Version numbers within .yml property files inform how dbt parses those YAML files. The latter two are completely optional starting from dbt v1.5.