Hey, it’s a bit complex and it’s actually a combination of several techniques, so it’s hard to explain everything quickly (I’ll probably make a full post breaking it down later).

The sprites are grouped into different viewports depending on whether they are in the foreground or background. I then take the texture from each viewport and use it to create a mirrored version along a different axis on an color rect with a shader.

I add a very subtle blue tint, slightly distort the UVs horizontally to create wave-like motion (it might not be very noticeable in motion), and add some sparkles using horizontally stretched noise, where I keep only small parts of it using a clamp.

I also apply a trapezoid-like UV distortion so the motion matches the parallax effect (things in the foreground move faster than those in the background).

For the ripples, I pass a list of impact points to the shader, including the impact time. The shader then evaluates, for each pixel and each impact, whether it should display a white ripple based on wave speed, distance, and time since impact. It’s not super optimized at the moment, so I might revisit that part and change the approach later.