The lightning network can be thought of as creating covalent bonds [1] between two UTXOs. The base layer UTXOs are combined to form a higher level object: a channel. In the physical world two atoms form a bond and become a molecule; a higher level object.

Lightning channels, as of now, are like diatomic molecules [2]. If the bitcoin network embraces covenants then we'll more complex "molecules." If the analogy holds then covenants make more "chemistry" possible.

I think it would be beneficial to the community if more people explored this model. Perhaps it can help guide the evolution of this system and help avoid pitfalls. For example, some molecules are great for life, others are not...