Introduction
When a .bit account expires, it will be in a 90-day grace period. If you renew your .bit account during the grace period, you will still keep the account. If the .bit account is not renewed within the grace period, the account will enter a 28-day Dutch Auction period, during which the first bidder will get the account. If the auction period ends with no bids for the account, it will become publicly available for registration at a price determined by the number of characters.
Currently, the Dutch Auction is unavailable, and the accounts will be recycled directly after the grace period.
The data for each .bit account is stored on Nervos CKB, and storing data requires storage space, which means pledged tokens (CKB) are needed. When a .bit account is recycled after the grace period, the corresponding storage space is released and the deposit tokens will be returned to the account owner.
A one-time storage deposit is charged at registration, and no additional deposit is required no matter how many parsing records are added in usage.
Since the .bit smart contract runs on Nervos CKB, the storage deposit will be refunded as CKB.
FAQ
1. Will the storage deposit be automatically refunded after the account is recycled?
Yes. When an account is recycled, the storage deposit will be automatically refunded to the .bit balance of the original owner of the account. You can view the refund in your .bit balance.
2. Where can I check my refunded storage deposit?
You can view your the refund in your .bit balance.
3. My .bit has been converted to NFT on Ethereum, will it be recycled?
Yes. Whether your .bit is converted to NFT on Ethereum or not, your .bit account will be automatically recycled if it is not renewed in time within the grace period.
4. Why doesn’t the .bit account enter the reduced price auction period when it is recycled?
Currently, the reduced-price auction is not active, and the account will be recycled directly after the grace period. Then anyone can register for the account.
5. When I registered, I paid ETH / BNB / MATIC / TRX / … Why did I receive a storage deposit in CKB after my account expired?
.bit has a unique registrar role in the .bit ecosystem. .bit is a set of smart contracts running on the Nervos CKB, which identifies the CKB and registers a .bit account for users. The registrar provides a register interface and a promissory service for users. Users can pay in different tokens such as ETH, BNB, MATIC, TRX, USDT, etc. to register for a .bit account.
The storage deposit will be automatically returned by the .bit contract to the owner after the account is recycled by the .bit contract, so the refund is CKB.
6. Why is there a delay in account recovery?
The expiry time of an account is based on the on-chain time. The time required for account recycling depends on the CKB network and is expected to take 10 to 30 minutes.