AMD finally has announced its DLSS alternative, it's called FidelityFX Super Resolution (FSR).  FSR intends improve gaming framerate performance with the least loss in image quality. AMD will apply a refined supersampling algorithm. 

FSR basically will get four modes that can be applied in compatible games; Ultra Quality, Quality, Balanced, and Performance. AMD mentions performance improvements of up-to of 59% for "Ultra Quality," 102% for "Quality," 153% for "Balanced," and 206% for "Performance."

FSR should really help in combination with raytracing enabled. Later in June the first game with support should be announced. AMD FidelityFX Super Resolution (FSR) is open-source, more than 10 game developers plan to integrate FSR into their top titles and game engines in 2021.