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This is kind of expensive actually. Its usually done with a precalculated texture sheet of glyphs which trades memory for shader perf. See: Signed Distance Field

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ok but a precomputed texture isn't scalable

When its an SDF texture it is scalable because the distance function produces continuous data. The aliasing is greatly reduces because data is easily calculable from neighboring pixel samples.

Edit: Here's Valve's Siggraph paper on the technique https://steamcdn-a.akamaihd.net/apps/valve/2007/SIGGRAPH2007...

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