VXST options looked like a great product on paper - cheap, short term options, massive mean-reversion, huge gamma - however trading just did not take off. Now CBOE is trying different angle - similar to regular weeklys, the exchange is launching weekly VIX futures, and weekly VIX options. To clarify - these are not weekly options on VXST, they are not weekly futures options (like CBOE proposed some while ago). These are options on the VIX index, just with more frequent expirations.
Officail product page. Hat tip to Nakul Nayyar.