Enables lipase activity and palmitoleyl hydrolase activity. Involved in negative regulation of Wnt signaling pathway and protein depalmitoleylation. Acts upstream of or within bone development; negative regulation of canonical Wnt signaling pathway; and regulation of bone mineralization. Predicted to be located in extracellular region. Is expressed in several structures, including genitourinary system; heart valve; respiratory system; sensory organ; and vibrissa. Orthologous to human NOTUM (notum, palmitoleoyl-protein carboxylesterase). [provided by Alliance of Genome Resources, Apr 2022]