How to recreate this liquid blob masking cursor effect from landonorris.com?

This is imperfect as hell. And this is not the ultimate solution. This is just an attempt to create something similar to the original.
Based on this topic: Chromatic aberration

For the reveal effect, the result texture is applied to the helmet’s material, with the UV coords computed in screen space.

Video:


Demo: https://codepen.io/prisoner849/full/ByjqVoQ

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