Cycles and Harvests
Cycles are harvest are directly correlated to when you get rewards.
When a cycle ends and a new one starts, dashboard claimable rewards are distributed to users according to their earned share via the badgerTree mechanism. This updates the amount of available rewards to claim.
You can see the cycle count and how long has been since the last cycle by reading the cycle count on the top left corner in the dashboard.
Each cycle lasts on average 2 hours but they can take a bit longer. Keep in mind NOT all rewards are updated each hour, most of them require the vault to harvest first and then a harvest to be executed in order to be distributed.
Harvests are a function of each vault contract called by the BadgerKeeper, a single approved keeper that performs the respective sett strategy.
The harvest updates the b-token/Token ratio based on the increase of the PFS (price per full share) and effectively increases everyone's deposit balance for auto-compounding vaults and harvests the rewards that will be later on distributed when a cycle is ran for vaults that distribute their rewards in a claimable form.
Every vault counts with a different harvest function and they are not called at the same time. For most vaults a harvest is run every couple/few days.