This chemical is primarily utilized as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where enantioselectivity is crucial. It is often employed in transition metal-catalyzed processes, such as hydrogenation, cross-coupling, and cycloaddition reactions, to produce chiral molecules with high optical purity. Its rigid binaphthyl structure and methoxy groups enhance its ability to induce asymmetry, making it valuable in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals. Additionally, it serves as a building block for constructing more complex chiral catalysts or materials used in advanced organic chemistry research.