Former President Donald Trump is venturing into the world of decentralized finance (DeFi) with his latest project World Liberty Financial.

The project has been promoted by Trump's sons Eric and Don Jr. as a revolutionary platform that will take on the major financial institutions — but it has equally been met with skepticism from those even within the crypto ranks. According to a report from CoinDesk, about 70% of the tokens from World Liberty Financial will go to insiders, a much higher allocation than usual for crypto projects.

Travis Kling, founder of Ikigai Asset Management, expressed concerns during a recent interview, saying, "Some of this stuff certainly feels quite scammy and quite grifty." Despite Trump's success in raising over $7 million from his NFT licensing deals, the launch of his DeFi project has some questioning whether it's a strategic move for personal financial gain or an attempt to appeal to a niche demographic of crypto-enthusiasts.

Kling speculated that the project might be a targeted political strategy, aimed at gaining votes in key swing states by appealing to the growing number of crypto owners. "Maybe they have enough demographic granularity in some of those areas to think they can get an extra few thousand votes," Kling mused, suggesting it could be an effort to win over crypto-enthusiasts in crucial counties ahead of the 2024 election.

Adding another layer to the speculation, some believe Trump’s youngest son Barron, reportedly a crypto enthusiast, may be behind the former president’s interest in the space. Whether Trump’s DeFi project is a genuine attempt to engage with the crypto community or a tactical fundraising effort remains to be seen. However, one thing is clear: Trump’s dive into DeFi has sparked conversation and curiosity across multiple sectors and brought even more attention to crypto.

"I think regardless of which side of the political spectrum you're on, I think entrepreneurship should be supported," said Dmitriy Berenzon, partner at crypto venture firm Archetype. "It's a forcing function for potentially more pro-crypto policy and kind of being out loud there."

Former President Trump is slated to provide more details about how the project will function on Monday at 8 p.m. EST during a live X Space.