Statuses can be used in new-gen project management to represent various phases a task goes through from start to finish.
Step 1: Create the status from project settings
To create a new status you need to be the project admin.
1. Go to project settings > Go to status settings under the "Tasks" section
2. Click on "+ New" > To create a new status type
3. Provide the Name and Description
4. Optionally enable the "Allow users to estimate effort" setting so that project members can add effort for these statuses.