Those are some wicked lighting effects. The GIF comes from the devlog for MegaSphere, an action-RPG-roguelite-platformer currently being developed for PC, and is one in a series of GIFs demonstrating a newly introduced weapon, Storm. Lots more info here.
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The excellent indie platformer Guacamelee! is coming to a whole bunch of new consoles, developer Drinkbox Studios just announced. It's coming to the PS4 July 1st, and the Xbox 360, Xbox One, and Wii U the following day. Huzzah!

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This is Mark of the Old Ones, a physics adventure-platformer with a Lovecraftian twist in which you're some sort of a tentacled abomination. Watching the trailer I'm reminded more of Gish than anything. A really pretty, horror-themed Gish. It has an ongoing Kickstarter campaign, if you're interested.

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