Hey @PHNEWALLETKEYS, The way I would probably think about it is that event ranking is very very similar to ranking in regular PvP. In regular PvP, you will generally win a lot more games than you lose at first, until you start stalling out - e.g., if you start the reset at Gold 2, and then are able to fight your way up to Diamond 2, and then very slowly gain to Diamond 3 over the next couple weeks, but are unable to progress further until you gain skill or collection power. You could play 100 more games at Diamond 3, but if your true skill/strength at that time is Diamond 3, you are unable to progress further without learning new strategies or switching decks or upgrading your units because you win 50% of your games.
Event medals works very similarly, except you don’t lose medals/ranking when you lose, because we want to avoid the very un-fun pattern of being afraid to lose your spot on the event leaderboard and not playing at all once you hit a certain score. You can easily gain medals up to a certain point as you win and increase your event elo (matchmaking rating, separate from medals). At a certain point your elo stabilizes, depending on your skill/power in that particular event, based on your pattern of winning or losing your games (win and elo goes up, lose and it goes down; if you have an equal elo with another player, you will 50% of your games vs. that player). You can keep gaining medals once your elo stabilizes, but gains will slow down if your elo stops increasing.
For example, if you win your first few games and get to a 3500 elo, then start winning every other game your elo will stabilize around 3500 (e.g., win one, elo up to 3575, lose one, elo down to 3500, etc.); your medals will be able to go up to 3500 very quickly, but then once past 3500, the medal gains will start to slow down, until you get say 500 ahead of your elo, at 4000 medals, and your medals gains will be the minimum at that point. If you are able to find a better deck/new strategy/upgrade your deck, and get to a higher elo of 3600, you would then be able to start gaining more medals again until you reach 4100. If you find someone is able to gain medals faster than you after a certain point, it is highly likely they have a higher elo; that is, if you were to play that player directly, they would likely win more than 50% of those games.
Sorry for the long text, but hopefully that helps clarify a bit what is happening?