All domains can be registered for 1 year; after expiration, you have 30 days to renew it as a grace period.
And after that there is a redemption period; this period attracts a restoration fee. You have to renew your domain before the redemption period to save costs.
After the redemption period, the domain will be deleted and become free again so that anybody can register it, as the first owner lost the ownership by failing to renew it during the grace period or restore it within the redemption period.
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