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Once it looks correct, save the image as a PNG. Then, to reduce file size, run it through a program like ImageMagick that supports 8-bit PNGs with alpha transparency, in order to remove any unnecessary colors. (This may or may not be done automatically by a PNG optimizer, as well.)
Animated PNG 8-bit transparency Raster file formats that support transparency include GIF , PNG , BMP , TIFF , TGA and JPEG 2000 , through either a transparent color or an alpha channel . Most vector formats implicitly support transparency because they simply avoid putting any objects at a given point.