Quoting The Manual:
Quote
OPTIMIZE TABLE should be used if you have deleted a large part of a table or if you have made many changes to a table with variable-length rows (tables that have VARCHAR, VARBINARY, BLOB, or TEXT columns). Deleted rows are maintained in a linked list and subsequent INSERT operations reuse old row positions. You can use OPTIMIZE TABLE to reclaim the unused space and to defragment the data file.

and
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In most setups, you need not run OPTIMIZE TABLE at all. Even if you do a lot of updates to variable-length rows, it is not likely that you need to do this more than once a week or month and only on certain tables.

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