An English "toast" can be either a small piece of food that's been toasted, like bread, or it can be a way to praise someone. Think of it as saying nice things about another person.
When we say "cheers to you!" or "you're the best," we're making a toast to the person. It's like giving them credit and thanks for something they've done. For example, if someone has a birthday or graduation, people might make a toast to celebrate their achievement. We also use the word "toast" when we talk about food: "I'm going to toast some bread with cheese for breakfast."
How common is "toast"?
Word toast is considered uncommon in modern English. It has a balanced usage among all categories: speech, fiction, newspapers and academic texts.
Definitions
noun
Toasted bread.
Example: I ate a piece of toast for breakfast.
A proposed salutation (e.g. to say "cheers") while drinking alcohol.
Example: At the reception, there were many toasts from the well-wishers.
A person, group, or notable object to which a salutation with alcohol is made; a person or group held in similar esteem.
Example: He was the toast of high society.
(chiefly US) Something that will be no more; something subject to impending destruction, harm or injury.
Example: If I ever get my hands on the guy that stole my wallet, he’s toast!