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One of the fastest growing water plants, water hibiscus. It provides shade and cover for the pond fish and diminishes algae growth. Just have to make sure that it doesn't get out of control.

Allow me to correct myself. This is a photo of a water hyacinth .

It is called Lirio here. It can cover half of the lake in a year. They cannot keep it under control....very prolific plant....so your advice to keep eye on it is very prudent.
Pretty bloom though.