Used as a fluorescent probe in biochemical assays to study enzyme activity, particularly in protease and peptidase research. Its fluorescence increases significantly upon cleavage by specific enzymes, making it ideal for monitoring enzymatic kinetics in real time. Commonly applied in high-throughput screening for drug discovery where sensitive detection of enzyme function is required. Also utilized in binding studies to investigate interactions between enzymes and inhibitors due to its strong fluorescent signal upon environmental change.