I have created a dynamic email with 8 different versions and the audience is uploaded into 8 different lists.
After sending the email, I realized that I can only create 2 versions of email with dynamic content and send it to these 8 different audience lists.
What is the impact on the template and reporting if I were to send 2 versions of email instead of 8 versions via dynamic content?
Your description isn’t 100% clear. Dynamic Content™ -- as in the feature literall called “Dynamic Content” in the Marketo UI -- relies on Segments, not directly on Lists.
Are you segmenting on Member of List?
Or are you using lower-case “dynamic content”, like the hyperdynamic content you can get with Velocity tokens?
What do you mean by “I can only create 2 versions of email with dynamic content’? With Dynamic Content™, you can have as many versions of your content as there are Segments.