Researcher Nava Gaddam has been trying out 't Hoofts ideas about black hole scattering problems. Throw in M particles, and N particles emerge.
A crucial insight is that free field theory breaks down
dimensionless constant $ \sqrt{ \frac{8 \pi G}{R} } $
vertex corrections $ -\frac{1}{\mu^2} $
classical corrections $ \frac{1}{2 \mu^2} $
graviton self-interactions $ -\frac{1}{2 \mu^2} $
The traceless gauge is important.
Please check out his paper "A Toolbox for black hole scattering"
I would be interested to know how all this works and what can be done with it, in case anyone understands.