Used as a chiral ligand in asymmetric catalysis, particularly in enantioselective organic transformations. Its rigid binaphthyl backbone provides excellent stereochemical control, making it valuable in the synthesis of optically active pharmaceuticals and fine chemicals. Commonly employed in transition metal-catalyzed reactions such as asymmetric allylic alkylation and Diels-Alder reactions to achieve high enantiomeric excess. Also utilized in the development of chiral sensors and materials for circularly polarized luminescence due to its extended π-conjugated system and configurational stability.