There are 2 separate slow animations you can toggle. (1) Press the shift key thrice while at the home screen and it affects the home screen animation — i.e. when you tap on the home screen and your app is animated to take over the screen, as well as when your app is running and you tap the home screen and the app is minimized — and the more well-known scenario is (2) when you tap the shift key thrice while your app is running. The latter affects animations in the app itself.

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