What does Ty mean from a guy?

So, I'm curious here - when a guy says "Ty," what's he really trying to convey? Is it just a quick and casual way of saying "thank you"? Or is there some deeper meaning behind it, like an unspoken appreciation for something more than just a favor done? And if so, how do you pick up on those nuances when communicating with someone who uses "Ty" regularly? I'd love to hear your thoughts on this, as I'm always looking to better understand the subtleties of language and communication.