The letters look pixelated, but there is no pixel grid anywhere: the word is drawn tiny and blown up with smoothing off, so every little pixel becomes a big square. Type your own word and drag the two sliders that do the work.
The word is rasterised once into a grid-sized canvas and blown up with smoothing off, so the squares are real pixels rather than a drawn lattice. Face, halo and keyline are dilations of that same raster packed into one texture’s red, green and blue channels, and the shader samples each at a slightly different parallax offset — which is why the shadow lags behind the letters as you move. The moire screen, grain and dust are generated at load rather than fetched.