A survey on the model theory of tracial von Neumann algebras

We survey the developments in the model theory of tracial von Neumann algebras that have taken place in the last fifteen years. We discuss the appropriate first-order language for axiomatizing this class as well as the subclass of II$_1$ factors. We discuss how model-theoretic ideas were used to settle a variety of questions around isomorphism of ultrapowers of tracial von Neumann algebras with respect to different ultrafilters before moving on to more model-theoretic concerns, such as theories of II$_1$ factors and existentially closed II$_1$ factors. We conclude with two recent applications of model-theoretic ideas to questions around relative commutants.