Modifications on top of "Community Material Theme Palenight" Before and after: https://twitter.com/_jayphelps/status/1259321038728560642?s=20

settings.json

// Modify your settings.json to add these. Customize further how you prefer.
{
  "workbench.editor.highlightModifiedTabs": true,
  "workbench.editor.tabCloseButton": "off",
  "workbench.colorCustomizations": {
    "editor.lineHighlightBackground": "#ffffff06",
    "editor.foreground": "#acb3db",
    "selection.background": "#89DDFF",
    "progressBar.background": "#89DDFF",
    "textLink.foreground": "#89DDFF",
    "pickerGroup.foreground": "#89DDFF",
    "editorOverviewRuler.findMatchForeground": "#89DDFF",
    "editor.findMatchBorder": "#89DDFF",
    "tab.activeBorder": "#89DDFF",
    "statusBarItem.remoteBackground": "#89DDFF",
    "activityBarBadge.background": "#89DDFF",
    "list.activeSelectionForeground": "#89DDFF",
    "list.inactiveSelectionForeground": "#89DDFF",
    "list.highlightForeground": "#89DDFF",
    "scrollbarSlider.activeBackground": "#89DDFF",
    "editorSuggestWidget.highlightForeground": "#89DDFF",
    "editorWidget.resizeBorder": "#89DDFF",
    "panelTitle.activeBorder": "#89DDFF",
    "notificationLink.foreground": "#89DDFF",
    "breadcrumb.activeSelectionForeground": "#89DDFF",
    "menu.selectionForeground": "#89DDFF",
    "menubar.selectionForeground": "#89DDFF",
    "settings.headerForeground": "#89DDFF",
    "settings.modifiedItemIndicator": "#89DDFF",
  },
  "editor.tokenColorCustomizations": {
    "textMateRules": [
      {
        "scope": "entity.name.tag",
        "settings": {
          "foreground": "#F78C6C"
        }
      },
      {
        "scope": "punctuation, variable, variable.parameter, support.constant, support.variable, meta.definition.variable entity.name.function, meta.function-call.arguments, variable.other.constant, punctuation.definition.tag, punctuation.definition.tag.html, punctuation.definition.tag.begin.html, punctuation.definition.tag.end.html",
        "settings": {
          "foreground": "#daddff",
        }
      },
      {
        "scope": "variable.language",
        "settings": {
          "foreground": "#ea92c8",
        }
      },
      {
        "scope": "entity.other.attribute-name, punctuation.terminator",
        "settings": {
          "foreground": "#acb3db"
        }
      },
      {
        "scope": "constant.language, keyword, storage.type, storage.modifier, punctuation.section.embedded",
        "settings": {
          "foreground": "#cb7eff"
        }
      },
      {
        "scope": "entity.other.inherited-class",
        "settings": {
          "foreground": "#FFCB6B"
        }
      },
      {
        "scope": "invalid.deprecated",
        "settings": {
          "foreground": "#FF5370"
        }
      },
      {
        "scope": "punctuation.definition.string",
        "settings": {
          "foreground": "#C3E88D"
        }
      },
      {
        "scope": "constant.numeric",
        "settings": {
          "foreground": "#f0719b"
        }
      }
    ]
  },
}