Central extension in gravity

The asymptotic symmetry charge algebra of certain class of spacetimes could have a nontrivial central extension, which measures the non-equivariance of the charges of the large gauge transformations. The Cardy formula of the dual CFT has been famously used to derive black hole entropy. However, it remains obscure from the point of view of gravity why such a constant on the gravitational phase space could encode the information about the density of black hole micro-states, and what the degrees of freedom accounting for the black hole entropy truly are. I will discuss the ongoing efforts of understanding these questions in the covariant phase space formalism.