Hi @stan_greil . Since this is more of an open-ended question that could have lots of good answers, but no single "correct" answer, I've converted it to a discussion. I'd also like to offer my thoughts to get the discussion going. We have a resource, What is Chat?, that might give you some ideas of how to use chat with your students.
I have seen chat used as a way to do open discussion time. This can be used as a way for students to ask questions of the instructor and get responses in real-time. Chat can be used for other real-time discussions, perhaps pertaining to the material of the day or week.
I'm sure there is much more the creative minds of the community can think of and I look forward to hearing what others have to say.