Both verbs come from Olde English.
That's why everybody clearly understood their meaning until
a hundred years ago, but nobody understands them now.
"Waxing" = growing
For two weeks after the New Moon, it's growing toward Full.
First it's a waxing crescent for a week, then it's waxing gibbous.
"Waning" = shrinking
For two weeks after the Full Moon, it's shrinking toward New.
First it's waning gibbous for a week, then it's a waning crescent.