This compound is widely utilized in biochemical research, particularly in the study of enzyme activity. It serves as a substrate for proteases, enzymes that break down proteins, allowing researchers to measure protease activity through fluorescence. When the compound is cleaved by a protease, it releases a fluorescent group, which can be quantified to assess enzyme kinetics and inhibition. This makes it a valuable tool in drug discovery and development, where understanding enzyme behavior is crucial. Additionally, it is employed in studies related to cellular processes, such as apoptosis and protein degradation pathways, providing insights into disease mechanisms and potential therapeutic targets.