Refractive Glass Letters

Render the word [TEXT] as thick, perfectly clear glass letters in a heavy condensed grotesque, all caps, with softly rounded edges. Behind them, bold diagonal stripes in tangerine, hot pink, violet and sky blue drift slowly over a soft gradient. Through the glass the stripes are magnified and bent along every curve, and the edges split them into thin red, green and blue rainbow fringes. Add white fresnel reflections on the rims, sharp specular glints, and a light-through shadow offset down-right on the backdrop with bright focused caustic lines. Start with the glass forming from nothing as the bending grows, hold while a gentle ripple runs across the letters, then let it dissolve back into the stripes and loop.