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The project archive function lets you archive projects you're no longer using. The data size of an archived project is not included in calculation of active data (in case of having a data point/complete related license model).
Project restore functionality will be added in upcoming releases, until then a restore of an archived project is done by contacting support team.
Below is the new Archive option shown. All report users will be removed from the project when it is archived.
An Archived project is still shown in the project list but in an archived state as shown
below. An archived project cannot be entered.