Yes, but there's a limit per each referral. You continue to get $LEO when the user you refer reaches some milestones, but once the user reaches all of them, you stop getting $LEO from their activity.
@khaleelkazi claims that you could earn up to $50 per each referral if they're active enough.
This is a screenshot of the current rate. Right now it's more than $50 per referral, but that can change:
