It could, but to the best of my knowledge the OpenGL(/es) Vulkan extensions for raytracing don't exist yet as standards or implementation. But most of the Shade

It could, but to the best of my knowledge the OpenGL(/es) Vulkan extensions for raytracing don't exist yet as standards or implementation. But most of the Shadertoy raymarching scenes could be implemented using the raytracing API and custom intersecting functions. I'm personally curious about the performance on custom intersections with the new hardware. Shadertoy demos have a lot of flexibility and tend more towards procedural geometry, since polygonal ray intersection is hard. The new hardware raytracing will be highly optimized for polygonal geometry though, since that's the bread and butter of current realtime engines. Guessing that you'll provide a simple bounding primitive for it to do the ray test against, and then it will fall back on more or less identical shader code to resolve the custom ray intersection.