I am doing the same thing. I received an ARB airdrop this year. I need stables to farm the airdrops. So what I did was use ARB as collateral and borrow the USDC from the lending/borrowing service. After the airdrop, I paid all the stables and take my ARB back.
This is nice idea to maintain your holdings while participating on campaigns that will give you profit. I’m not familiar on how crypto loans work but the only problem on this strategy is when the airdrop that you join takes too long that cause your collateral assets already liquidated after the coins value dip below the liquidation price.
Nevertheless, I’m intrigued on this strategy as I’m participating on airdrop that requires trading volume on some DEX to receive token. This will help to maintain holdings while gaining airdrops using stables.