Trophies have always been a thing here, but now the "Awards" has been consolidated into them. Note: not all awards are added back yet
The trophies now have nicer icons and there are more of them, with plenty still to be added.
View all Trophies here
Some are earned automatically, some are given...
You may have noticed this feature by now, and I'll give some details of how it all works here.
Badges are tied into trophy points, which you earn by posting, getting ratings, and so on.
More trophy points = more badges. More badges = higher level
If you go to your profile and select the Badges...