Primarily utilized in research settings, this compound is studied for its potential antioxidant properties, which may help in understanding oxidative stress-related diseases. It is also examined for its role in modulating enzyme activities, particularly those involved in metabolic pathways. Additionally, it serves as a model compound in the synthesis of flavone derivatives, which are explored for various pharmacological applications, including anti-inflammatory and anticancer activities. Its fluorescence properties make it useful in biochemical assays for tracking molecular interactions and cellular processes.