M2 is a high speed steel designed for use in machinist type applications. Its used for cutting other metals. It will rust extremely fast in a corrosuve enviroment if you don't coat it. If you want to take it on a rafting trip it definitely needs to be coated. And the coating doesn't protect the cutting edge, so there is the possibility of corrosian dulling the blade.
ATS34 is a stainless steel so right away it will outperform M2 on corrosian resistance. Its make up has as little chrome as possible though to make it perform better. That means less resistance to corrosian than some other stainlesses. Given the proper care, it should do pretty good on a rafting trip. It would do very well if you could get it coated with something like the BT2 that Benchmade uses.
You should check out some of the newer stainless alloys to. If I remember right, some of the new cpm alloys like 440V and 420V have more chrome in them than ATS34,so they should resist corrosian very well,and they're supposed to take a better edge.
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Fix it right the first time, use Baling Wire !