Widely used as a catalyst precursor in homogeneous catalysis, particularly in reactions involving C–C bond formation such as cross-coupling and hydrosilylation. It serves as a key starting material for synthesizing platinum-based catalysts due to its labile norbornadiene ligand, which can be easily displaced to form active catalytic species. Commonly employed in organic synthesis and materials science for the development of functionalized polymers and fine chemicals. Its stability and reactivity profile make it suitable for controlled catalytic transformations under mild conditions.