I have a couple of ethereum and a fair amount of small cap altcoins — alot of the altcoins i hold in small quantities 100-200 dollars worth.
I’ve been looking for the best way to use this capital in defi without getting hit by high gas fees all the time. I’m thinking of the following strategy:
1. Bridge tokens from Ethereum L1 to L2 with Arbitrum.
2. Once on Layer 2, swap most of the altcoins to Ethereum using Sushiswap (don’t really want to swap them to Eth if not necessary, but looks like most obscure altcoins won’t be accepted as collateral for loans).
3. Mint MIM on abracadabra with my Ethereum as collateral.
4. Use that MIM to convert to other tokens on Ethereum or bridge it over to other blockchains and start farming with it.
Does this seem like a solid strategy, has anyone done anything similar, any suggestions on how it might be improved?