The liquid commonly referred to as the universal solvent is water. Water's ability to dissolve more substances than any other liquid makes it essential for life and various chemical processes. This property comes from its polar molecular structure, allowing it to interact with various ionic and polar compounds. As a result, it plays a crucial role in biological systems, facilitating nutrient transport, waste removal, and metabolic reactions. Water's unique solvent capabilities are also vital in industries like pharmaceuticals and food processing, highlighting its significance beyond just supporting life on Earth.