Ecstasy taken by Rod lost its effect (5)

I believe the answer is:

waned

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'lost its effect' is the definition.
I can't judge whether this definition defines the answer.

'ecstasy taken by rod' is the wordplay.
'ecstasy' becomes 'E' (informal term for the drug).
'taken by' is an insertion indicator.
'rod' becomes 'wand' (wand is a kind of rod).
'e' put into 'wand' is 'WANED'.

Can you help me to learn more?

(Other definitions for waned that I've seen before include "Decreased in size" , "grew faint" , "Ebbed; declined" , "(Of moon) grew smaller" .)

I've seen this clue in The Telegraph.

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