The club's tokens are non-transferrable ERC20s that represent the ownership cap table of the investment club, and they can be used for snapshot voting, coordination, on-chain governance, and much more.
For ETH-based clubs, the number of club tokens created is proportionate to the amount of funds deposited into the club (i.e., 1:10,000 ratio of ETH : Club tokens).
For ERC20-based clubs, the number of club tokens created is equal to the amount of funds deposited into the club (i.e., 1:1 ratio of ERC-20 : Club tokens).