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V-Ray Next for 3ds Max update 2 is now available for download to buyers. Here are the main new features:

Debug Shading
Easily isolate textures, materials and geometry to help debug large shading networks in V-Ray IPR and V-Ray GPU IPR.

V-Ray Toon Shader
Quickly add cartoon and cel-shading effects to your 3D projects.

V-Ray GPU Support for alSurface material
A general-purpose shader with layered SSS and glossy fresnel reflections on V-Ray GPU.

Memory Tracking
Optimize your scene with the new memory usage report for textures and objects.

Color corrections in Viewport IPR
Apply V-Ray Frame Buffer color corrections directly in the Viewport IPR.

V-Ray GPU Support for VRayDistanceTex
Faster setup of your scene’s shaders and render effects based on geometry with V-Ray GPU.

Dust and Scratches Lens Effect
Simulate real-world camera lens effects with new procedurally generated Dust and Scratches.

Features video:

Some honorable mentions from the change log and other notes:

V-Ray/V-Ray GPU: Hash map based light cache – a new light cache implementation that is simpler and with less flickering in animations. This is the default light cache type for new scenes.
V-Ray GPU: Add support for VRayCurvature texture
VRayMtl: Better shadow terminator with strong bump maps = soft shadows with bump.
A lot of fixes for the Adaptive Dome Light.
VRayToonMtl: Add V-Ray’s Cel shader implementation support – please mind that this is not complete yet. It needs a little more polishing and bug fixing.
As usual there will be a hotfix in the near weeks.

​​​​​Full change log:

Build 4.20.00 (V-Ray Next, update 2) (05 June 2019)

New features:
(*) V-Ray/V-Ray GPU: Debug Shading with various modes during IPR;
(*) V-Ray/V-Ray GPU: Hash map based light cache;
(*) V-Ray/V-Ray GPU: Native rendering of Corona scatter instances;
(*) V-Ray: Add V-Ray memory tracking support;
(*) V-Ray: Baking elements support for opacity map when doing projection baking;
(*) V-Ray: Implement barycentric mode in the VRaySamplerInfoTex;
(*) V-Ray GPU: Support for VRayDistanceTex;
(*) V-Ray GPU: VRayALSurfaceMtl shader support;
(*) V-Ray GPU: Add support for VRayCurvature texture;
(*) V-Ray GPU/V-Ray Cloud: Support for Substance 2 maps;
(*) V-Ray Cloud: Indirect light select modes support;
(*) V-Ray IPR: Overlay progress notifications in the Viewport IPR;
(*) VRayOSL: Implement the 3ds Max OSL shading graph support;
(*) VRayToonMtl: Add V-Ray’s Cel shader implementation support;
(*) VRayVolumeGrid: Add support for V-Ray GPU render elements: VRayNormals, VRaySamplerInfo, VRayZDepth, VRayVelocity, VRayGI, VRayDiffuseFilter, VRayShadows, VRayObjectID, VRayRenderID;
(*) VRayVolumeGrid: Modulate or replace the Fire Opacity with a texture in “Use Own Opacity” mode on V-Ray GPU;
(*) VFB: Ability to do test renders at lower resolution;
(*) VFB: Add keyboard shortcuts for mouse actions in IPR;