It is not real Damascus, though.
From the Spyderco site: "... The Damascus Mules steel is composed of layers of erosive and non-erosive material over a VG-10 core center. The erosive layers are hard martensite stainless steel and the non-erosive layers are anti-corrosion nonferrous metal. These layers block carbon particles in the core from spreading to the outer layers. After layering the blade is forged to intentionally distort the layer-lines making a complicated, artistically beautiful pattern called Suminagashi. Suminagashi is the traditional Japanese art form of creating ripples of Chinese ink on the surface of water. This steel mimics the art form with interesting results on a knife blade..."
The Damascus serving only a purely decorative purpose, it is not a Mule, either (To me a Mule is a no-nonsense knife meant to test different steels. Maybe the concept has evolved...).