In AdS/CFT and holography more generally, many proposals of various degrees of plausibility have been made linking apparently physical notions on the bulk side to more information-theoretic, thermodynamic, or entanglement-oriented notions on the boundary side (the laws of black hole thermodynamics are the most obvious example, but see also e.g. 'complexity equals volume/action,' 'ER=EPR,' 'Einstein's equation is an equation of state,' etc.).

I am curious if there are specific proposals for an interpretation of gravitational time dilation in the bulk in such terms. Time dilation in particular seems like an interesting candidate for a thermodynamic interpretation because of the arrow of time's close connections to increasing entropy.

(I am looking for specific proposals that have been made in published literature.)