It looks similar to how vint64 lib encodes varints. Total length of varint can be determined via the first byte alone.
The recent CREL format for ELF also uses the more established LEB128: https://news.ycombinator.com/item?id=41222021
At this point I don't feel like I have a clear opinion about whether PrefixVarint is worth it, compared with LEB128.
But, the thing that tends to tip the scales is the fact that in almost all real world cases, small numbers dominate - as the github thread you linked relates in a comment.
The LEB128 fast-path is a single conditional with no data-dependencies:
if ! (x & 0x80) { x }
Modern CPUs will characterize that branch really well and you'll pay almost zero cost for the fastpath which also happens to be the dominant path.It's hard to beat.
if x <= 240 { x }
while strictly improving all other aspects (at least IMHO)