Everything you need to know about dropping grenades in CS:GO

Video by NartOutHere about how to use dropping nades in your gameplay:    • How to Apply the New CSGO Grenade Update I...  

Drop bind:
alias +dropnade "slot4"
alias -dropnade "drop; slot2; slot1"
bind KEY dropnade

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Answer to the question: It is your last equipped nade. And if you didn’t equip any that round, it is your most expensive nade.