I have just checked my domain status, it shows in redemption. What is domain Redemption status?

I recently verified my domain's status, and it appears to be in redemption. What does this mean?

Redemption status occurs if your domain has not been renewed in time.ICANN provides you with a grace period to restore it and prevent a domain from being deleted or publicly unavailable. If your domain falls into a redemption period, it is pretty costly to regain it. While the actual domain price may be too low, domains in redemption can cost you hundreds of dollars. The domain falls into a redemption period after approximately 30 days of the domain expiry date and has not been renewed with the registrar. If you renew your domain within 30 30-day grace period, you can avoid paying the redemption fees. Depending upon the registrar, your domain will be in redemption status for a few months. If you fail to renew the domain within the redemption period, the domain will be available for the general public to be registered.

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