Dynamic level of Detail (LOD) is a set of techniques that involve using different versions of an object with greater or less detail, depending on the distance from the camera.
A full resolution, fully detailed object is used when it is close to the camera. When the object is further away a lower resolution less detailed object is used. The same goes for textures. Textures are high resolution close up but lower resolution far away.
Applying dynamic level of detail to objects reduces the usage of both compute power and memory bandwidth.
You can choose the LOD technique for different distances from the camera, Use the lowest level of detail that is appropriate but try lower levels to see if it makes much difference. Using less details requires less memory and bandwidth.