A test from summer of 2016 of a gerstner wave shader, utilizing distance fields for analytical splashes. All splashes are a single mesh here, using a masked flipbook texture. Splash flipbook texture by Tim Elek from paragon, but I am doing some tempAA dither to make the masked material appear translucent, which kinda makes it look screwy and smeared.  It does look a bit 'floaty', just tricky to tweak that with an analytical effect.

This effect is meant to be supplemented with some actual timed splashes for the larger rocks which have a better feeling of gravity.

Also this is using 8 gerstner waves.