Talk about a common sense that few people mention in Web3 -

Dividends benefit major shareholders, while buybacks benefit minor shareholders.

Dividends can ensure that most of the profits go to major shareholders. Although buybacks can boost the coin price, it is not easy for major shareholders to reduce their holdings, and if the market depth is not sufficient, they may end up unable to sell. In contrast, small shareholders with smaller amounts can easily take advantage of the situation.

In recent years, US stocks have become more willing to buy back shares, so the overall market trend is very good.