So don't know to much about this hack, I heard it once through a twit, did some quick search while I finish my IT class assignment and decide to post it on here.
Basically it is a all in one combination hack + tool for the psvita. It allows you once installed to run emulators and homebrew of sorts.
How to install is on wololo link but in short you need a psvita with firmware 3.51 or lower (will not work on higher) and the PSM Dev Assistant from Unity on your Vita. (unless you already have the Dev assistant not through unity it will work also). That is it!
So no the vita hack is not DEAD just Slow