What a PNG file actually is
PNG arrived in 1996 as a patent-free replacement for GIF and compresses with DEFLATE — the same algorithm as ZIP. Nothing is discarded, so a PNG decodes to exactly the pixels that went in, and it carries a full 8-bit alpha channel rather than GIF's single transparent colour.
Screenshots on every operating system default to PNG, as do exports from design tools and most logo and icon assets. Anything with crisp edges, flat colour or a transparent background has probably been living as a PNG.
What you get from WebP
WebP output uses lossy compression with a quality control, but unlike JPEG it can keep an alpha channel at the same time — one format for photographs and for graphics with transparency.
Every current browser reads WebP; Safari joined in version 14 in 2020, which was the last real holdout. Desktop applications are patchier, so it is a format to publish in rather than to archive in.
What changes when you convert PNG to WebP
This is where the file size actually drops. A PNG stores its image without discarding anything, and WebP's lossy mode decides what the eye will not miss — typically landing 25–35% below a JPEG of matching quality, and keeping the alpha channel while it does so, which JPEG cannot. The catch is not visual but practical: WebP is a format to publish in, and a poor choice for anything you are handing to someone else's desktop software.
Transparency survives intact. Both PNG and WebP carry a full 8-bit alpha channel, so cut-outs, drop shadows and anti-aliased edges convert without a white box appearing behind them, and the result still composites cleanly onto any background colour.