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I have seen similar pricing strategies for obscure domains from other registars. Generally they entice you with a cheap first year and increase it subsequently. Some registrars make the pricing strategy apparent. I think your option is to shop around and transfer the domain to a cheaper one.

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Thank you - I should now ask - does anyone have experience with transferring a premium domain? How does the pricing generally work?

Is it namecheap that's increasing the price or are they just passing it on from the registrar (or whatever the actual authority for the tld is called). I thought that the newer tlds are mostly run by for-profit companies that are more likely to have a shady bait and switch business model compared to legacy domains. I don't know if it would matter which registrar (in the sense of namecheap et al) you go with.

NameCheap is just passing the buck.

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