When a domain name expires, the registrant will have a grace period during which they can re-register the domain. After the grace period, the domain will enter into the Recycling Period, during which the domain will be available at auction to the public.
The Expired Name Auction is a Dutch auction (also known as a descending price auction).
Each name that expires & is not renewed during the Grace Period enters into the Recycle Period, which has a fixed length of time (currently set to 30 days). The expired name is available for immediate registration once it enters into the Recycle Period, with an additional cost we call the Registration Premium.
At the beginning of the Recycle Period, the Registration Premium is at its highest value. During the Recycle Period, the Registration Premium gradually descends & reaches 0 at the end of the Recycle Period.
