Used as a ligand in coordination chemistry to stabilize metal complexes, particularly in catalytic processes. It plays a role in organic synthesis, aiding in the formation of carbon-carbon and carbon-heteroatom bonds. Applied in the development of phosphorescent materials for OLEDs due to its ability to enhance luminescence properties. Also utilized in the synthesis of pharmaceuticals and agrochemicals, where it acts as an intermediate or catalyst. Its electron-donating properties make it valuable in asymmetric catalysis for producing chiral compounds.