Used as a ligand in coordination chemistry, it facilitates the formation of complex structures with transition metals, enhancing catalytic processes. Its application is significant in organic synthesis, particularly in cross-coupling reactions, where it improves efficiency and selectivity. Additionally, it serves as a stabilizing agent in the production of nanoparticles, ensuring uniform size distribution and preventing aggregation. Its role in polymerization reactions is also notable, where it helps control the molecular weight and structure of polymers.