This compound is primarily used in biochemical research as a fluorescent probe. It is particularly valuable in studying peptidase activity, as it can be cleaved by specific enzymes, releasing a fluorescent signal that can be easily detected. Researchers utilize it to monitor enzyme kinetics, identify enzyme inhibitors, and investigate the mechanisms of peptide degradation. Additionally, it is employed in cell biology to track intracellular processes, such as protein transport and localization, due to its ability to emit fluorescence under specific conditions. Its application extends to drug discovery, where it aids in screening compounds that modulate enzyme activity.