How to design a volume control, where there is a network delay to the remote device being controlled?

I have a physical device whose volume is being controlled over the network. It could be a local network with about a 0.5s roundtrip delay, or over the internet for a larger delay of a second or more. What should the UI for this volume control show?

If we aim to always show the real current volume, the number (or bar or whatever) will not increment when the user presses UP. It will increment when the UI gets the reply from the remote device with the current volume. This means the UI will slightly lag behind the user's actions. This makes an interface like a volume slider impossible.

If we aim to keep the local UI responsive to the user's actions, the local value will always reflect the user's intended value. Pressing UP will immediately increase the volume number, but there will be a delay before the device responds. There is also the question of what to do when we get a reply from the device with the updated volume.

Any thoughts on best practices around this? Any existing examples of this done well?