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I think in essence it boils down to:
=> Thus you have to find an equilibrium of where you grab your money.
Personally I think that Splinterlands should focus to earn its money from new edition sales. That's how traditional tcg-companies make their money.
Besides that, I agree with @behiver that they have kind of messed up their tokenomics (especially in the past)... Although, I have the feeling that they are fixing their stuff and that the game is going in the right direction lately.
Disclaimer: I definitely miss information as I don't follow everything too close. So take my opinion with a grain of salt...