After spending half a year now profiling and designing different kinds of ground cover for the Unreal Engine I came up with this solution for open world games. As you can see there is no shader complexity and a super low quad overdraw. As implementation I used a one triangle mesh per blade of grass with no opacity mask. The most difficult part of this is make the blades look as natural as possible. The performance of this implementation of grass is by far the most performant I discovered so far comparing at least 20 different assets with different approaches.
UE4 Open World Foliage Overview & Performance