Supporting multiple API versions simultaneously can increase costs and operational overhead, as each version introduces additional complexities in terms of support, infrastructure, and maintenance. API versioning strategies typically fall into two main approaches: evolution and explicit versioning. Evolution minimizes version proliferation by maintaining a single API version and making non-breaking updates, while explicit versioning creates distinct versions, offering clearer boundaries for modifications. Many successful APIs, such as Stripe, use a hybrid approach that combines these strategies to balance stability and flexibility. Effective versioning requires planning for version retirement, with clear deprecation timelines to minimize long-term maintenance burdens. OpenAPI specifications provide a structured method for managing versioned APIs, supporting both evolution and explicit strategies, and enabling automation of maintenance tasks. Clear communication with API consumers is crucial for successful versioning, involving systematic announcements and guidance to ensure smooth transitions. Additionally, documentation platforms must support multiple API versions to provide users with the necessary reference materials and facilitate version switching without adding administrative overhead.