Etymology
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wane (v.)

Old English wanian "make or become smaller gradually, diminish, decline, fade," from Proto-Germanic *wanōnan (source also of Old Saxon wanon, Old Norse vana, Old Frisian wania, Middle Dutch waenen, Old High German wanon "to wane, to grow less"), from *wano- "lacking," from PIE *weno-, suffixed form of root *eue- "to leave, abandon, give out." Related: Waned; waning; wanes.

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Definitions of wane
1
wane (v.)
grow smaller;
Interest in the project waned
Synonyms: decline / go down
wane (v.)
become smaller;
Interest in his novels waned
wane (v.)
decrease in phase;
2
wane (n.)
a gradual decline (in size or strength or power or number);
Synonyms: ebb / ebbing
From wordnet.princeton.edu