In DS2 ending, the chosen undead can relink the first flame to start a new age or empire only for history to meet the same fate as Anor Londo, Elysium Loyce, Drangleic and all other kingdoms or to allow the age of darkness on taking over, so that mankind can have its rest.
Altho, in DS3. The chosen undead becomes the Lord of Hollows (similar to Gwyn but they will lead all mankind into an age of darkness that will extinguish the first flame).
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All DS games are about cycles. Miyazaki seems to love those as a whole, since even Bloodborne is the same. In DS3 you can also enter the painted world of Ariandel that is having its own cycles. Slave Knight Gael was probably one of the most tragic things, up there with Gwen.