this is just asking people to multi account and make 5 new accounts just to get companions. there are plenty of rewards you could give that are not exclusive items
edit to elaborate
many of us already recruited HARD during ks/alpha/beta/EA and even AFTER launch
many of us have social anxiety/do not want to have to beg our friends/family to join and play long enough to level 5 companions to10
this is encouraging people to create 5 new accounts just to get the companions
the referral rewards is going to cause a bunch of abandoned accounts, probably far more than LW gains active players
SUGGESTED REWARDS
10% of ms purchases a referred player makes (example: referred user buys a $1 pack, referrer gets 1ms /referred used buys a chest of ms, referrer gets 125ms)
foods (perhaps precrafted recipe, the good ones that give 40-80+ stamina)
knucklebone tokens
weekly tickets (user can select which ones they want)