AWS API Gateway - Usage plans and API keys
You can configure usage plans and API keys to allow customers to access selected APIs at agreed-upon request rates and quotas that meet their business requirements and budget constraints. If desired,
What are usage plans?
A usage plan specifies who can access one or more deployed API stages and methods—and also how much and how fast they can access them. The plan uses API keys to identify API clients and meters access to the associated API stages for each key. It also lets you configure throttling limits and quota limits that are enforced on individual client API keys.
What are API keys?
API keys are alphanumeric string values that you distribute to application developer customers to grant access to your API.
You can use API keys together with usage plans or Lambda authorizers to control access to your APIs.
API Gateway can generate API keys on your behalf, or you can import them from a CSV file. You can generate an API key in API Gateway, or import it into API Gateway from an external source.
What are throttling limit and quota limit?
A throttling limit is a request rate limit that is applied to each API key that you add to the usage plan. You can also set a default method-level throttling limit for an API or set throttling limits for individual API methods.
A quota limit is the maximum number of requests with a given API key that can be submitted within a specified time interval. You can configure individual API methods to require API key authorization based on usage plan configuration.
A Sample Architecture Diagram
From business perspective, you can offer different usage plans to your customers such as “Basic”, “Premium” and define different throttling rates and quotas for these plans. From technical perspective, usage plans provide us to know the maximum rate our infrastructure should handle and plan accordingly.

Best practices for API keys and usage plans
Don't rely on API keys as your only means of authentication and authorization for your APIs. For one thing, if you have multiple APIs in a usage plan, a user with a valid API key for one API in that usage plan can access all APIs in that usage plan. Instead, use an IAM role, a Lambda authorizer, or an Amazon Cognito user pool.
If you're using a developer portal to publish your APIs, note that all APIs in a given usage plan are subscribable, even if you haven't made them visible to your customers.
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