According to UV−vis spectroscopy (0.10 mM, CH 2 Cl 2 at 25 °C), the catalyst transformation (which could possibly include ligand dissociation with active catalyst formation, dimer formation, and decomposition) rate constants (k obs ) of Grubbs' first (1) and second (2) generation catalysts are 7.48 × 10 −5 and 1.52 × 10 −4 s −1 , respectively. From 31 P NMR (0.1 M, CD 2 Cl 2 , at 25 °C), the catalyst transformation was 5.1% for 1 and 16.5% for 2 after 72 h. However, due to the larger concentrations of the NMR samples compared to the UV−vis samples, the extent of transformation did not correspond. The oxidation potential of the Ru II /Ru III couple of 2 (E°' = 27.5 mV at v = 200 mV s −1 ) was considerably lower than that of 1 (E°' = 167 mV at v = 200 mV s −1 ). In the case of 1, a second reduction peak appeared at slow scan rates. This may probably be ascribed to an electrochemically active compound that was formed from the intermediate cation 1 •+ and the subsequent reduction of the latter. The oxidation/ reduction of 1 proceeds according to an E r C i electrochemical mechanism (E r = electrochemically reversible step, C i = chemically irreversible step), whereas 2 proceeds according to an E r C r electrochemical mechanism (E r = electrochemically reversible step, C i = chemically reversible step).