So I had made these a while back  

 
but decided to see if it would work with transparency. I also went and added more detail to it. I have found that changing the settings to allow transparency also tends to lower files size and increase the available color range. I think this is due to the method removing gradient edges that were eating up colors for not much gain. This also prevents minor pixel changes, allowing Photoshop to increase efficiency. This was also made with a greenscreen, to see if the closeness in colors would be a challenge. With a few tweaks, there was no issues.
 
Gave up trying to get the eyes to fully close in the middle there. SFM can be a bish sometimes lol.
 
Choose to use Lyra because she still has a floppy mane.
 
OPEN SOURCE:  
www.acecalcs.net/download.php?  
The bouncing was done to the rootTransform on the original and just kept it on this one. Just a forwarning. Lessons have been learned since then lol.
 
EDIT: 5 seconds after posting this, I found there was a white matte on the edges. That is fixed now. Should be smooth and such.
 
Also, this is a higher res of >>435220:https://derpibooru.org/images/435220