It's good. Use it in good situations like your friend got 100% on their test.
Person 1: "Guess what?"
Person 2: "What?"
Person 1: " I got 100% on the test! "
Person 2: "Slay! I wish I got 100%."
Person 1: "What does slay mean?"
Person 2: "It means it's good."
Person 1: "Thanks bestie!"
Person 2: "No problem."