WebP is a new image format that provides lossless and lossy compression for images on the web. WebP lossless images are 26% smaller in size compared to PNGs. WebP lossy images are 25-34% smaller in size compared to JPEG images at equivalent SSIM index. WebP supports lossless transparency (also known as alpha channel) with just 22% additional bytes. Transparency is also supported with lossy compression and typically provides 3x smaller file sizes compared to PNG when lossy compression is acceptable for the red/green/blue color channels.
For more on information on the format see the following page on Google Developers: WebP