Irede, the world’s oldest pleasure town, was built long ago as an offering to a god. This legendary city, dyed vermilion by hanging lanterns, draws travelers from across the continent with promises of fine wine, masterful music, and beautiful courtesans. Yet beneath this alluring surface, a primal evil stirs. Shades, supernatural entities born of human desires and dark emotions, lurk in the shadows, and their attacks have begun occurring in unprecedented numbers, causing the streets to run red with blood.

The story follows Xixu, a straight-laced and dour military officer and shadeslayer trained to destroy these evil ghosts. Though he is the illegitimate half-brother of the current king, he was raised as a commoner and is deeply devoted to his duty. He is sent to Irede at the behest of the king’s seer to become the town’s newest protector. There he encounters Sari (also known as Sarida), the sixteen-year-old proprietress of a courtesan house called the Pale Moon. Sari has hair the color of moonlight and possesses supernatural powers that can bind shades, making them easier for slayers like Xixu to eliminate. The courtesan house operates under strict rules of consent, where the courtesans choose their customers, not the other way around.

The setting itself is central to the conflict. Irede is not merely a place of entertainment but also functions as a seal atop the prison of an unknown, destructive entity bound beneath the earth. As Xixu begins a solitary manhunt for a shaman believed to have engineered the recent chaos, and Sari confronts the evil at its source, they discover that the fate of the town and their own lives are deeply intertwined. The truth of Irede’s ancient past begins to surface, revealing that myth, mystery, blades, and betrayal all pale in comparison to the brilliance of the moon.

The narrative unfolds across several arcs that blend action, horror, and slow-burn romance. In the first major arc, Xixu and Sari work together to uncover a traitor within Irede who is allied with the shades. Sari finds herself in grave danger during the climax, and the two leads begin to acknowledge the growing closeness between them, despite their awkwardness and inexperience. The second arc introduces a new shadeslayer who appears helpful but whose mind-controlling influence causes courtesans to flee the city. This volume takes a darker turn as Xixu’s overly considerate nature leads Sari to begin abandoning her humanity, requiring a major shock to restore her equilibrium. A childhood friend of Xixu arrives as a new courtesan, further complicating the emotional landscape.

The third arc brings the conflict with a god who seeks to control Sari to a head. This entity has been manipulating events from the shadows, possessing characters such as an antagonist named Vas. Xixu, hemmed in by his royal blood and sense of duty, is nearly killed. After much struggle, the pair finally overcome their hesitations and commit to one another as life partners, an event that coincides with death and resurrection. With her humanity fully embraced, Sari comes into her own power, becoming a formidable fighter. The volume also deals with the fallout of previous battles, including blood left behind that is used to create brainwashed assassins, and features epilogue content involving slave traders and abductions. The central theme running through all arcs is the struggle between those who seek to control others and those who wish to live freely.