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As such, the increased TONs obtained experimentally stem from the stabilizing effect of DMF and are not due to an intrinsic higher activity caused by axial ligand binding to the cobalt center ([CTPP)(L)]). Remarkably, encapsulation of Co-G led to a three times more active catalyst than [CTPP)] (TOFini ) and a substantially increased TON compared to both [CTPP)] and free Co-G. The increased local concentration of the substrates in the hydrophobic cage compared to the bulk explains the observed higher catalytic activities. To implem