To create the popular liquid animation effect in Adobe After Effects you just need to add 2 keyframes to your animated shapes:
1. create a shape on the canvas and center it to the canvas
2. duplicate the graphic asset within the shape layer and animate them
3. Add the 'Fast Box Blur' Effect and increase the blur value
4. Add the 'Simple Choker' Effect and increase the value
You can give the graphic assets different colors. With the Blur effect, the colors will blend as well.