What is The Difference Between Fade and Transparent Unity Shader Rendering Modes?
Transparent:
Appropriate for rendering realistic transparent materials such as clear glass or plastic Transparent mode, the material itself will take on transparency values (alpha value), however reflections and lighting highlights will remain visible at full clarity as is the case with real transparent materials.
Fade:
Not Appropriate for rendering realistic transparent materials such as clear glass/plastic
because the reflections and highlights will also be faded out.
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Mohammad Faizan Khan