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Yes — and this is actually a common and desirable scenario.
A person might enter your campaign as a lead (referred by someone else), and later become a referrer themselves (sharing their own link to bring in new customers). This is sometimes called a referral chain.
How it works in Referral Factory
The two roles — referrer and lead — are tracked separately. When someone who entered as a lead is ready to start referring, you can convert them manually using Duplicate As Referrer in the lead's Actions menu (the three-dot menu on their row in the Leads tab).
This creates a new referrer record for the same person. They'll get their own unique referral link and appear in the Referrers tab.
Their original lead record remains intact in the Leads tab — their source will still show as "Referred" regardless of their new referrer status.