Olive oil has some characteristics that could make a good bike chain lube.

Anyone who's overheated olive oil for cooking has encountered that persistent residue that's hard to clean up. The polymerization is fairly stable and might add some water resistant protective properties for bike chains.

Could be interesting to experiment with a bottle of old stale olive oil that's lost its fresh zingy flavor and become fusty. Or just buy some low grade olive oil. Pour it into a small crock pot, heat it up, let the cleaned and stripped chain soak overnight in the hot oil. Wipe it down thoroughly after cooling.

Cheaper than throwing away a potentially useful bottle of oil.