Stranger Things finale explains Vecna's fate and leaves one character's ending unclear.

The two-hour Stranger Things finale shows the Hawkins group defeating Vecna while Eleven sacrifices herself, and the episode frames her final status as ambiguous.

Stranger Things concluded on New Year's Eve with a two-hour series finale that closed the show after five seasons and nine years. The episode centers on a final confrontation in the Upside Down as the Hawkins group attempts to end Vecna and the Mind Flayer. The finale includes an extended 40-minute epilogue set about 18 months later that shows several characters moving into new phases of their lives. Creators and cast described the last scenes as emotionally vulnerable, since many were the final moments filmed with the actors. Key facts: - The Hawkins group mounts a coordinated attack on the Mind Flayer and Vecna in the Abyss; Joyce delivers the final blow by decapitating Vecna with an axe. - Eleven confronts the decision to remain at the entrance to the Upside Down as the bridge is erased; she pulls Mike in for a final goodbye and is shown as being wiped away with the realm. - In a later scene, Mike tells a Dungeons & Dragons story about the Mage that suggests a hopeful escape for Eleven; the other characters choose to believe that version, leaving her ultimate fate ambiguous. - Steve survives the finale after a near fall from a radio tower when Jonathan saves him, which resolves a long-running tension between them. - An 18-month epilogue depicts characters’ new paths, including Steve as a Little League coach, Nancy working at a newspaper, Jonathan studying film, Robin at college, and Joyce and Hopper becoming engaged. Summary: The finale ends with Vecna's defeat and a lengthy epilogue showing characters moving on from Hawkins. Eleven's on-screen sacrifice is depicted as closing the Upside Down, yet the Mage tale Mike tells leaves her ultimate outcome unresolved. Undetermined at this time.