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mainhoon
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In order to nail this sentence, we have to understand that the first part of sentence and second part of sentences are sort of independent. Infact they are joined with a conjunction "BUT".

The first part of sentence(The band U2 was just one of the many new groups on the rock music scene in the early 1980's) has no timeline and infact says something going within a timeperiod rather than going before or after 1980’s. Therefore simple past is justified.

The second part of sentence creates a timeline “less than ten years later” first and then talks about event before that timeline justifying the need for present perfect in second part of second sentence/clause(U2 had fully eclipsed its early rivals in the pantheon of popular music).

The second part of this sentence is quite similar to: By 1945, the US had been at war for several years.
where the use of perfect tense is just justified due to introduction of a timeline "By 1945".



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