Projects same as Teams belong to a specific Workspace. They help you arrange work done by your teammates. You can create unlimited number of Projects as well.
Projects are a great way to see work done in particular area. Project are used in your virtual daily standup when you are reporting your work.
Filling out your daily standup
When you structure your reports like this you have a better overview of the work done in particular areas. You can also connect our Project Reports app and send reports to your clients (if you are an agency) or to your upper management.
Learn more about how to create Projects here.