A gradual diminution in power, value, intensity etc.
1853, Herman Melville, "Bartleby, the Scrivener," in Billy Budd, Sailor and Other Stories, New York: Penguin, 1968; reprinted 1995 as Bartleby, →ISBN, p. 3, In the morning, one might say, his face was of a fine florid hue, but after twelve o'clock, meridian -- his dinner hour -- it blazed like a grate full of Christmas coals; and continued blazing -- but, as it were, with a gradual wane -- till six o'clock, PM, or thereabouts; after which, I saw no more of the proprietor of the face, ….
A child.
A house or dwelling.
From Middle English wane, from Old English wana (“defect, shortage”), from Proto-West Germanic *wanō, from Proto-Germanic *wanô, from Proto-Indo-European *h₁weh₂- (“to leave, abandon; empty, deserted”...
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The skies may hold not the splendour of sundown fast; / It wanes into twilight as dawn dies down into day.
For the Moon to pass through the phases of its monthly cycle where its surface is less and less visible.
The fall of Jack, and the subsequent fall of Jill, simply represent the vanishing of one moon-spot after another, as the moon wanes.