Starved by siege, Athens accepts Sparta's terms. Lysander sails into Piraeus and the Peloponnesians begin tearing down the walls to flute music.
After this Lysander sailed into Piraeus, the exiles returned, and the Peloponnesians with great enthusiasm began to tear down the walls to the music of flute-girls, thinking that that day was the beginning of freedom for Greece.
The surrender ended the Peloponnesian War. Athens lost its Aegean empire and its dominance at sea, and Sparta became established as the leading power of Greece.
Based on Wikipedia: Peloponnesian War
Athens fell the following year and the Delian League was dissolved, ending the war.
Athens lost its Aegean empire and its maritime dominance, while Sparta became established as the leading power of Greece.