JokerTeleport.cs

using System.Collections;
using System.Collections.Generic;
using UnityEngine;

public class JokerTeleport : MonoBehaviour
{

    [SerializeField]
    SkinnedMeshRenderer displayMesh;

    [SerializeField]
    Transform jokerTransform;

    [SerializeField]
    Material normalMaterial;

    [SerializeField]
    Material teleportMaterial;

    [SerializeField]
    float teleportLength = 0.1f;

    void Start()
    {
        teleportMaterial = new Material(teleportMaterial); //duplicate so changes to it don't cause trouble in editor
        normalMaterial = displayMesh.sharedMaterial;
    }

    private void Update()
    {
        if (Input.GetKeyDown(KeyCode.T))
        {
            StartCoroutine(TeleportTo(transform.position + Vector3.forward*-100f));
        }
    }

    IEnumerator TeleportTo(Vector3 newPosition)
    {
        displayMesh.sharedMaterial = teleportMaterial;
        var i = 0f;
        var progressID = Shader.PropertyToID("_TeleportProgress");
        teleportMaterial.SetFloat(progressID, 0);
        while (i <= teleportLength)
        {
            teleportMaterial.SetFloat(progressID, i / teleportLength);
            yield return new WaitForEndOfFrame();
            i += Time.deltaTime;
        }
        jokerTransform.position = newPosition;
        while (i >= 0)
        {
            teleportMaterial.SetFloat(progressID, i / teleportLength);
            yield return new WaitForEndOfFrame();
            i -= Time.deltaTime;
        }
        teleportMaterial.SetFloat(progressID, 0);
        yield return new WaitForEndOfFrame();
        displayMesh.sharedMaterial = normalMaterial;
    }
}

JokerTeleport.shader

Shader "Unlit/JokerTeleport"
{
	Properties
	{
		[NoScaleOffset] _MainTex ("2D Texture", 2D) = "white" {}
		_DistortScale("Distort Scale", float) = 5
		_DistortHeight("Distort Height", float) = 0.5
		_TextureScale("Texture Scale", float) = 5
		_TeleportProgress("Teleport Progress", range(0,1)) = 0.5
	}
	SubShader
	{
		ZWrite On
		Pass{
			Tags { "LightMode" = "Always" }
			ColorMask 0
			
			CGPROGRAM
				#pragma vertex vert
				#pragma fragment frag

				#include "UnityCG.cginc"

				struct appdata
				{
					float4 vertex : POSITION;
				};

				struct v2f
				{
					float4 vertex : SV_POSITION;
				};

				float _DistortScale;
				float _DistortHeight;
				float _TeleportProgress;

				v2f vert(appdata v)
				{
					v2f o;
					fixed4 worldPos = mul(unity_ObjectToWorld, v.vertex);
					fixed distortionAmount = sin(worldPos.x / _DistortScale + _Time.w * 12) + sin(worldPos.z / _DistortScale);
					o.vertex = UnityObjectToClipPos(v.vertex) + fixed4(0, _DistortHeight*distortionAmount*smoothstep(0.0,0.3,_TeleportProgress),0,0);
					return o;
				}

				void frag() {}
			ENDCG
		}

		LOD 100
		//Blend SrcAlpha OneMinusSrcAlpha // Traditional transparency
		Blend DstColor Zero // Multiplicative 
		Cull Back
		
		ZWrite On
		Tags{
				"RenderType" = "Transparent"
				"Queue" = "Transparent"
		}

		Pass
		{
			
			CGPROGRAM
			#pragma vertex vert
			#pragma fragment frag
			
			#include "UnityCG.cginc"

			struct appdata
			{
				float4 vertex : POSITION;
			};

			struct v2f
			{
				float4 worldPos : TEXCOORD0;
				float4 vertex : SV_POSITION;
				float4 screenPos : TEXCOORD1;
			};

			sampler2D _MainTex;
			float _DistortScale;
			float _DistortHeight;
			float _TextureScale;
			float _TeleportProgress;
			
			v2f vert (appdata v)
			{
				v2f o;
				fixed4 worldPos = mul(unity_ObjectToWorld, v.vertex);
				o.worldPos = worldPos;
				fixed distortionAmount = sin(worldPos.x/_DistortScale + _Time.w*12) + sin(worldPos.z / _DistortScale);
				o.vertex = UnityObjectToClipPos(v.vertex) + fixed4(0, _DistortHeight*distortionAmount*smoothstep(0.0, 0.3, _TeleportProgress),0,0);
				o.screenPos = ComputeScreenPos(o.vertex);
				return o;
			}
			
			fixed4 frag (v2f i) : SV_Target
			{
				fixed target = _TeleportProgress / 2 + 0.6;
				fixed4 col = smoothstep(target, target-0.1, tex2D(_MainTex, (i.screenPos.xy / i.screenPos.w)*_TextureScale * fixed2(3,0.01) + (round(_Time.y*12)*1548.09)%1).r);
				
				return col;
			}
			ENDCG
		}
	}
}