Rhodium (II) Acetate Dimer is a effective catalyst for ylide formation and it is also catalyst for cyclopropanation of alkenes, oxidation of alcohols, cyclization reactions involving -diazo carbonyl groups, insertion into C-H and X-H bonds (X-H is NH or SH or OH). More reactive and useful in differentiating ribonucleosides and deoxynucleosides. It is also used in functionalizing fullerenes into polymers. Efficient catalyst for hydrogen transfer from 2-propanol to cyclohexanone and other unsaturated compounds.