Endopeptidase that degrades various components of the extracellular matrix, such as aggrecan and cartilage oligomeric matrix protein (comp), during development, haemostasis and pathological conditions (arthritic disease). May also play a role in neovascularization or angiogenesis (By similarity). Hydrolyzes collagen type IV, laminin, nidogen, nascin-C isoform, fibronectin, and type I gelatin (By similarity). Binds 1 zinc ion per subunit. Highly expressed in the liver. Expressed in the arterial tunica media of large blood vessels. Expressed in proliferating chondrocytes in the chondroepiphysis during musculoskeletal development. The conserved cysteine present in the cysteine-switch motif binds the catalytic zinc ion, thus inhibiting the enzyme. The dissociation of the cysteine from the zinc ion upon the activation-peptide release activates the enzyme. Activated by autolytic cleavage after Lys-98. Tyrosine phosphorylated by PKDCC/VLK. Belongs to the peptidase M10A family.