Metalloprotease involved in pattern formation in gastrula and later differentiation of developing organs. Able to cleave chordin (chrd), suggesting that it may act in dorsoventral patterning during early development by regulating the chordin (chrd) activity. Binds 1 zinc ion per subunit. Interacts with olfml3/ont1. Blastula, early gastrula and hatched tadpoles; little or no expression in morula and late gastrula. Proteolytically activated in the trans-Golgi network by furin-like/paired basic proprotein convertases, cleavage is not required for secretion.