Used extensively as a fluorescent substrate in enzymatic assays, particularly for detecting protease activity. Its application is crucial in biochemical research to study enzyme kinetics and mechanisms. The compound's fluorescence upon cleavage makes it valuable in high-throughput screening for drug discovery, enabling the identification of potential protease inhibitors. Additionally, it is employed in cellular imaging to monitor protease activity in live cells, providing insights into cellular processes and disease mechanisms. Its stability and sensitivity make it a preferred choice in both academic and industrial research settings.