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Wikipedia says…

Toast is sliced bread which has been browned by exposure to dry heat ("toasted"). This browning reaction is a form of Maillard reaction. Toasting warms the bread, making it more pleasant to eat for some, and makes it crisp such that it holds toppings more securely. Toasting is also a common method of making stale bread palatable. Toast is often served with butter, cheese, marmalade, or any number of other toppings, thereby making an open-faced sandwich. Toast is a typical breakfast food, and may be bought as is in supermarkets, or made at the home from regular bread.