A referral program in the cryptocurrency space is a marketing strategy used by companies to incentivize existing users to bring in new customers. Participants receive rewards, usually in the form of tokens or discounts, for referring friends, family, or others to the platform.Typically, both the referrer and the new user benefit. For example, when someone signs up using a referral link, the person who referred them may earn a bonus or commission. This system encourages users to promote the platform, effectively leveraging personal networks to drive growth.Referral programs are popular because they build trust between users. When someone receives a recommendation from a friend, they are more likely to engage with the offering. Additionally, these programs can accelerate user acquisition and enhance community engagement, making them an effective tool for companies looking to expand their user base quickly.Overall, a well-structured referral program can benefit both the business and its users, creating a win-win situation that encourages participation and loyalty.