When your domain expires, you will be able to renew it for up to 10 days after the renewal date. During this time, the domain may not be accessible so any website or email services associated with it may stop working. If the domain exceeds the grace period of 10days, a late fee will be added. If the domain is still not renewed after 20days, it will go into demurrage(also known as the redemption period) for a period of 2 months, to retrieve your domain within this period will cost $80 only.
If you do not renew or redeem the domain name, it might be auctioned. When a domain name is released to a public auction, you can participate and possibly capture the domain name by placing a bid on it.
If the domain name is not renewed, redeemed, or purchased through an auction, it becomes available for registration.
