Multiple versions of the same project may exist at one time and exist in varying states. See MAN-01 Ketryx Lifecycle Management for creating and associating versions. 

Each configuration item for a project has an "Introduced in version" field. This field ties that item specifically to the version they are effective in. Additionally, you may designate an "Obsolete in version" field which indicates that the item is no longer effective from that version onwards. 

See this FAQ on the difference between long-lived and point-wise items. 

Using the "Introduced in version" field, and creating multiple project versions, users can work on features and configuration items across multiple deployments. As a result, each version may exist in different phases of the software development life cycle, allowing your teams to work efficiently, while also maintaining compliance and traceability.