Fermentation is less efficient at using the energy from glucose: only 2 ATP are produced per glucose, compared to the 38 ATP per glucose nominally produced by aerobic respiration. This is because the waste products of fermentation still contain chemical potential energy that can be released by oxidation.
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The thing that makes this particular slime work is the bonding of polyvinylacetate (PVAC) molecules by the Borax (sodium tetraborate). The molecules (polymers) are long to begin with, and they are tangled, which is why the glue is so viscous. Once the Borax links up some of the molecules, it becomes even more viscous.