  In the present work, we consider the cosmological constant model
$\Lambda\propto\alpha^{-6}$, which is well motivated from three independent
approaches. As is well known, the hint of varying fine structure constant
$\alpha$ was found in 1998. If $\Lambda\propto\alpha^{-6}$ is right, it means
that the cosmological constant $\Lambda$ should also be varying. Here, we try
to develop a suitable framework to model this varying cosmological constant
$\Lambda\propto\alpha^{-6}$, in which we view it from an interacting vacuum
energy perspective. Then, we consider the observational constraints on these
models by using the 293 $\Delta\alpha/\alpha$ data from the absorption systems
in the spectra of distant quasars. We find that the model parameters can be
tightly constrained to the very narrow ranges of ${\cal O}(10^{-5})$ typically.
On the other hand, we can also view the varying cosmological constant model
$\Lambda\propto\alpha^{-6}$ from another perspective, namely it can be
equivalent to a model containing "dark energy" and "warm dark matter", but
there is no interaction between them. We find that this is also fully
consistent with the observational constraints on warm dark matter.
