[@Mahz] Yes, and it actually supports a smaller file size while allowing for more colors, more complex transparency, etc. 

Yet [url=https://img.roleplayerguild.com/prod/users/81fcca52-e25e-4cd8-abc2-685416495280.png]here's an animated banner I uploaded before the change[/url], and [url=https://img.roleplayerguild.com/prod/users/0198e3d2-e478-7019-85f7-503d16a187ff.webp]here's the exact same banner uploaded after the change[/url].