Used as a fluorescent probe in biochemical and analytical applications due to its strong solvatochromic properties, allowing detection of microenvironment polarity changes in proteins and membranes. Employed in studies of enzyme activity and ligand binding interactions, particularly with proteins that have hydrophobic binding sites. Also investigated for antioxidant and anti-inflammatory activities in pharmacological research. Serves as a scaffold in the synthesis of flavonoid derivatives with enhanced biological activity.