Used as a versatile ligand in organometallic chemistry, particularly in catalysis. It stabilizes low-oxidation-state metal complexes and is commonly found in homogeneous catalysts for hydrogenation, hydroformylation, and cross-coupling reactions. Frequently employed in the synthesis of catalysts like (COD)RhCl₂ and (COD)IrCl₂ due to its ability to readily dissociate and allow substrate binding. Also serves as a precursor in the preparation of specialty polymers and ligand systems for transition metal catalysis. Its ring strain and diene structure make it reactive in cycloaddition and coordination chemistry.