This compound is primarily utilized in biochemical research and pharmaceutical development, particularly in studies involving protease enzymes. It serves as a substrate for measuring the activity of enzymes like thrombin, trypsin, and other serine proteases. Its application is critical in understanding enzyme kinetics, inhibitor screening, and drug discovery processes. Additionally, it is used in fluorescence-based assays due to its ability to release a fluorescent product upon enzymatic cleavage, enabling precise and sensitive detection of enzyme activity. This makes it a valuable tool in both academic and industrial research settings focused on developing therapeutic agents targeting protease-related diseases.