I’m currently working on a Unity Lake Water shader system optimised for VR applications and fully compatible with Unity reflection probes and new image effects (Screen Space reflection).
This will be a solution that can give you a realistic effect but will be many time faster than any other water rendering systems.
First version of this shader will be focused on lake (calm) water simulations.
This system doesn’t use any transparent shaders or render targets, and it can really improove performance in any VR application that require water effects. It mostly relies on terrain depth maps, and can do also a refraction without any significant impact on CPU or GPU.

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