The Warp Effect uses a surface shader which renders the effect on a streched high resolution sphere. The Warp Effect has many different settings to change how the effect looks.

This are the settings you can change:
  1. Main Color: The color of the effect. The transparency of this color defines the transparency of the effect.
  2. Mix Color: This is a color which is mixed together with the Main Color.
  3. Textures: You can change the textures if you want a different look.
  4. Speed X / Speed Y: Defines the x and y motion speed of the distortion.
  5. Scale: The strength of the texture distortion. The higher the value the more waves will impact the warp textures.
  6. Tile X / Tile Y: Tiling size of the effect.
  7. Warp Speed: Simply defines how fast the effect is.
  8. Front and rear light: You can change the color and intensity of the lights to increase or decrease the glowing at the two ends of the warp bubble.
  9. Star particle effect: The Warp Effect has two particle effects for the stars. One for slower stars and one for fast moving stars. If you want, you can change this particle effects.

Version 1.1 is in the Unity Asset Store
Changes:
  • Custom editor for both prefabs to change all values in one place by selecting the prefab.
  • New warp effect prefabs which render the stars in the shader instead of using particle effects.
  • The speed of the stars depends on the warp speed of the new prefab.
  • Two different layers of stars with different speeds.
  • Each star layer can be enabled or disabled separately.
  • You can set different colors for each star layer.
  • You can set different speed multiplier for each star layer.
  • Front and rear light color can be changed in the custom editor.
  • Front and rear light intensity can be changed in the custom editor.

Version 1.1.1 is in the Unity Asset Store
Changes:
  • Small update for Unity 2018. The Warp Effect which render the stars into the warp sphere was updated to shader model 4. This allows to use up to 16 textures, but requires DirectX 10.0.
You can find the asset at the Unity Asset Store
Warp Effect Manual
Unity Forum